Tax & Penalty29 Jul 2026, 01:45 pm
Jindal Steel Receives GST Order, Evaluating Appeal
AI Summary
Jindal Steel Ltd has received an order from the Additional Commissioner (Appeals), CT and GST, Cuttack, concerning the disallowance of input tax credit (ITC) claimed under the Odisha Value Added Tax Act, 2004, on capital goods and other items. The company is currently evaluating the order and plans to take necessary actions, including filing an appeal. The disputed VAT ITC is ₹5,69,02,242, with a potential penalty of ₹11,38,04,484. A pre-deposit of ₹56,90,224 is required for the appeal, which is refundable if the order is favorable. The company states the amounts are not material and will not significantly impact its financial or operational activities.
Key Highlights
- Received GST order disallowing VAT ITC on capital goods.
- Disputed tax amount is ₹5,69,02,242 with potential penalty.
- Company evaluating order and considering an appeal.
- No material financial impact expected; pre-deposit required for appeal.
Price Impact
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