Jindal Steel Receives ₹8.4 Cr Tax Demand Order

Jindal Steel Ltd has received an order from the Addl. Commissioner, CGST & Central Excise, Rourkela Commissionerate, concerning alleged excess Input Tax Credit (ITC) claimed and utilized. The order demands ₹8,41,20,475/- (₹8.41 Crore) for the period June 2020 to March 2022, along with applicable interest and a penalty of the same amount. The company is evaluating the order and plans to take necessary actions, including filing an appeal. Jindal Steel has assessed that the amounts involved are not material and are not expected to significantly impact its financial or operational activities.