Rane Steering subsidiary wins GST case, ₹11.88 Cr demand dropped

Rane Steering Systems Private Limited, a wholly-owned subsidiary of Rane Holdings Limited, has received a favorable order from the GST Authority in Chennai. The authority has dropped a demand of ₹11.88 Crores, which included a penalty of ₹1.07 Crores. This order pertains to differences between GSTR-2A and GSTR-3B for the Financial Year 2022-23. The subsidiary had previously received a Show Cause Notice regarding these differences and exempted/nil-rated supplies. Rane Holdings has declared that there are no expected financial implications from this case, as the explanations and supporting documents provided by Rane Steering Systems were accepted by the GST Authority.