Legal18 Apr 2025, 04:37 am
Sterling and Wilson Renewable Energy Faces Rs. 84.63 Crore GST Shortfall Order
AI Summary
Sterling and Wilson Renewable Energy Ltd. has received an order from Gujarat GST authorities for a shortfall of tax amounting to approximately Rs. 84.63 Crore for the period of May 2018 to March 2020. This includes an equal amount of penalty and interest. However, the company stated that there is no financial implication on them as the same is covered under an Indemnity Agreement entered into between the Company, Reliance New Energy Limited, Shapoorji Pallonji and Co. Pvt. Ltd., and Mr. Khurshed Daruvala.
Key Highlights
- Sterling and Wilson Renewable Energy Ltd. received an order from Gujarat GST authorities for a tax shortfall of approximately Rs. 84.63 Crore.
- The shortfall period is from May 2018 to March 2020, including penalty and interest.
- The company stated that there is no financial implication on them due to an existing Indemnity Agreement.
- The order does not indicate any aberrations or non-compliances identified by the authority.
- The company plans to file an appeal against the order with the appropriate authorities.