Tata Steel on Sunday (June 29) says it receives a display-cum-demand authorities in tax years (ITC) in the input of 1,000 crore for financial 20182 to 2022-23.
According to the company, the announcement was issued to the Commissioner’s Office (Auit), Central Tax, Ransive, within June and Services AWED: 3,54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.54.
The notice says that ITC has been availing of section 74 (1) of the central goods and services of services, 2017, and related provisions under StSTS and IRST ACT.
Tata Steel clarified that it has already paid Rs 514.19 crore as GST to normal business flow. The announcement knocked on this value, leaving the remaining GST exposure to Rs 493.35 crore.
The company says that the notice does not have merit and seek to present the case with the appropriate authority within the specified period.
Tata Steel also confirms no effect on financial, operational, or other activities that come from this notice.
