Rane Steering Systems Receives ₹11.88 Cr Tax Show Cause Notice

Rane Holdings Ltd announced that its wholly-owned subsidiary, Rane Steering Systems Private Limited (RSSL), has received a Show Cause Notice from the Assistant Commissioner (ST), Chennai. The notice pertains to differences between GSTR-2A and GSTR-3B filings, credit notes issued, and exempted/nil-rated supplies for the Financial Year 2022-23. The potential financial implication is ₹11.88 Crores, including a penalty of ₹1.07 Crores. RSSL, with tax advisors, will file a suitable reply within the prescribed timelines.