JK Tyre receives Rs 8.78 crore GST order on input tax credit reversal; no material impact on operations
JK Tyre & Industries Ltd informed the exchanges on July 15 that it has received an order from the Commissioner (Appeals), CGST & Central Excise, Bhopal, dismissing the company's earlier appeal related to reversal of input tax credit (ITC).
The matter pertains to the GST department's demand for reversal of ITC availed on lease rent of machinery amounting to ₹8.78 crore, along with applicable interest and penalty of an equal amount. Earlier, on March 17, 2024, the company had disclosed receipt of the original order from GST authorities and had filed an appeal on May 29, 2024.
In its latest filing, JK Tyre said that the appellate authority has ruled against the company's appeal. However, the company stated it believes it has a strong case and plans to pursue further remedies before higher authorities. It also clarified that there is no material impact on its financial, operational, or other activities as a result of this order.
The company reaffirmed its commitment to defending its position and complying with all applicable laws.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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