Jtekt India Receives GST Notice for Appeal with GSTAT

Jtekt India Ltd has received a notice from the Office of the Principal Commissioner, GST department, regarding an appeal to be filed with GSTAT against a Demand Order dropped by the Commissioner Appeal. The notice pertains to interest on supplementary invoices for price escalation with customers from July 2017 to March 2020, and penalties amounting to Rs. 2,40,83,954/- under Section 74(1) and Rs. 25,000/- under Section 125 of the CGST Act. The company's appeal was previously allowed by the Commissioner (Appeals). Jtekt India does not foresee any material impact and is preparing its response.