Tax & Penalty21 Jul 2026, 06:30 pm
Rane Steering Systems ordered to pay ₹7.46 Cr
AI Summary
Rane Steering Systems Private Limited (RSSL), a wholly owned subsidiary of Rane Holdings Ltd, has received an order from the Deputy Commissioner (CT), Chennai (South). The order pertains to an appeal filed by RSSL under the TNGST Act, 2017. The authority partly allowed, partly dismissed, and partly modified the appeal. Key matters dismissed relate to tax liability on reverse and forward charge mechanisms and availing Input Tax Credit (ITC) on trade payables for the Financial Year 2019-20. The total financial implication, including a penalty of ₹0.38 Crores, amounts to ₹7.46 Crores. RSSL plans to file an appeal against this order.
Key Highlights
- RSSL faces a financial implication of ₹7.46 Crores, including a ₹0.38 Cr penalty.
- The order relates to tax liabilities for FY 2019-20 concerning reverse/forward charges and ITC.
- RSSL will appeal the order with tax advisors.
- The subsidiary's appeal was partly allowed, partly dismissed, and partly modified.
Price Impact
More from RANEHOLDIN