Tax & Penalty25 Sept 2026, 02:58 pm
Rane Subsidiary Faces ₹10.07 Cr Tax Claim
AI Summary
Rane Steering Systems Private Limited, a wholly-owned subsidiary of Rane Holdings Limited, has received Show Cause Notices from the Assistant Commissioner (ST), Chennai. The notices relate to claims of ineligible Input Tax Credit (ITC) under Section 17(5) of the GST Act, 2017, for the financial years 2022-23 and 2023-24. The potential financial implication, including a penalty of Rs. 0.92 Crores, amounts to Rs. 10.07 Crores. RSSL, in consultation with its advisors, will file a suitable reply within the prescribed timelines.
Key Highlights
- Subsidiary Rane Steering Systems received Show Cause Notices.
- Notices pertain to ineligible ITC claims under GST Act.
- Potential financial impact estimated at Rs. 10.07 Crores.
- Penalty of Rs. 0.92 Crores included in the claim.
- Subsidiary will file a reply with tax authorities.
Price Impact
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