Latest news with #CentralTax
India.com
11 hours ago
- Business
- India.com
Tata Steel Gets GST Show-Cause Notice Over Alleged Rs 1,000 Crore Tax Credit Irregularity
Mumbai: Tata Steel on Sunday said it has received a show-cause-cum-demand notice from the tax department over an alleged irregular use of input tax credit worth over Rs 1,000 crore for the financial years 2018-19 to 2022-23. In a filing to the stock exchanges, the company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 28. "On June 28, Tata Steel Limited received a Show Cause cum demand Notice dated June 27, issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, proposing to disallow/demand primarily on account of alleged irregular availment of Input Tax Credit in contravention of the provisions of Section 74(1) of the Central Goods and Services Tax Act, 2017/State Goods and Services Act, 2017 read with Section 20 of the Integrated Goods and Services Tax Act, 2017, for the period FY2018-19 through FY2022-23," the firm said in its filing. The tax authority asked Tata Steel to explain, within 30 days, why the GST amounting to Rs 1,007.54 crore should not be demanded and recovered from the company. The explanation has to be submitted before the Additional or Joint Commissioner of Central GST & Central Excise in Jharkhand's Jamshedpur. According to the notice, Tata Steel allegedly claimed input tax credit in violation of the GST rules -- specifically Section 74(1) of the Central Goods and Services Tax Act, 2017, and Section 20 of the Integrated Goods and Services Tax Act, 2017. Tata Steel clarified that it has already paid Rs 514.19 crore as GST in the normal course of business. This amount is proposed to be adjusted in the notice, reducing the company's actual tax exposure to about Rs 493.35 crore. The company has said it believes the notice is without merit and will present its case before the authorities within the given deadline. Tata Steel also stated that this matter does not affect its financial, operational, or other business activities. Under the GST system, businesses can claim input tax credit on the taxes paid for purchases used in the production of goods or services. This credit helps in reducing their overall tax liability.
Mint
13 hours ago
- Business
- Mint
Tata Steel receives notice over input tax credit, says claim lacks merit: ‘Already paid GST of ₹514,19,36,211'
Tata Steel received a show-cause notice along with a tax demand from the Officer of Commissioner (Audit) of Central Tax, Ranchi, on 27 June 2025, alleging an input tax credit (ITC) irregularity in the period between financial year 2018-18 to 2022-23 fiscal, according to an exchange filing. The BSE filing on Sunday, 29 June 2025, showed that the Officer of Commissioner (Audit) of Central Tax, Ranchi, imposed a tax demand of over ₹ 1,007.54 crore ( ₹ 1007,54,83,342) for the period between the financial year 2019-19 to the 2022-23 fiscal years. However, the steelmaker also said that the company has already paid a GST of ₹ 514.19 crore in the normal course of its business operations, and out of the above-mentioned amount, the proposed GST payment will be ₹ 493.35 crore due to the alleged exposure in the input tax credit (ITC) irregularity. Tata Steel said that there is 'no merit' for this show cause notice, and the company plans to make its submissions before the appropriate forum within the given timeline. The BSE filing data shows that the company is required to prove the cause of the allegation in front of the Additional or Joint Commissioner of Central GST and Central Excise of Jamshedpur, Jharkhand, within 30 days of receiving the notice. 'There is no impact on financial, operational, or other activities of the Company, arising from the said SCN,' said Tata Steel in the BSE filing. Tata Steel shares closed 0.56% higher at ₹ 161.40 after Friday's stock market session, compared to ₹ 160.50 in the previous market close. The company disclosed the show cause notice and tax demand update on Sunday, 29 June 2025. The shares of the Tata Group steelmaker have given stock market investors more than a 388% return on their investment in the last five years. However, the shares have lost 7.34% in the last one-year period. On a year-to-date (YTD) basis, the shares are trading 17.95% higher in 2025 and 6.81% higher in the last five stock market sessions. Tata Steel shares hit their 52-week high level at ₹ 178.15 on 4 July 2025, while the 52-week low level was at ₹ 122.60 on 13 January 2025, according to the BSE data. The company's market capitalisation (M-Cap) was more than ₹ 2.01 lakh crore as of the stock market close on Friday, 27 June 2025. Read all stories by Anubhav Mukherjee
Mint
15 hours ago
- Business
- Mint
Tata Steel receives notice over input tax credit, says claim lacks merit: ‘Already paid GST of ₹514,19,36,211'
Tata Steel received a show-cause notice along with a tax demand from the Officer of Commissioner (Audit) of Central Tax, Ranchi, on 27 June 2025, alleging an input tax credit (ITC) irregularity in the period between financial year 2018-18 to 2022-23 fiscal, according to an exchange filing. The BSE filing on Sunday, 29 June 2025, showed that the Officer of Commissioner (Audit) of Central Tax, Ranchi, imposed a tax demand of over ₹ 1,007.54 crore ( ₹ 1007,54,83,342) for the period between the financial year 2019-19 to the 2022-23 fiscal years. However, the steelmaker also said that the company has already paid a GST of ₹ 514.19 crore in the normal course of its business operations, and out of the above-mentioned amount, the proposed GST payment will be ₹ 493.35 crore due to the alleged exposure in the input tax credit (ITC) irregularity. Tata Steel said that there is 'no merit' for this show cause notice, and the company plans to make its submissions before the appropriate forum within the given timeline. The BSE filing data shows that the company is required to prove the cause of the allegation in front of the Additional or Joint Commissioner of Central GST and Central Excise of Jamshedpur, Jharkhand, within 30 days of receiving the notice. 'There is no impact on financial, operational, or other activities of the Company, arising from the said SCN,' said Tata Steel in the BSE filing. Tata Steel shares closed 0.56% higher at ₹ 161.40 after Friday's stock market session, compared to ₹ 160.50 in the previous market close. The company disclosed the show cause notice and tax demand update on Sunday, 29 June 2025. The shares of the Tata Group steelmaker have given stock market investors more than a 388% return on their investment in the last five years. However, the shares have lost 7.34% in the last one-year period. On a year-to-date (YTD) basis, the shares are trading 17.95% higher in 2025 and 6.81% higher in the last five stock market sessions. Tata Steel shares hit their 52-week high level at ₹ 178.15 on 4 July 2025, while the 52-week low level was at ₹ 122.60 on 13 January 2025, according to the BSE data. The company's market capitalisation (M-Cap) was more than ₹ 2.01 lakh crore as of the stock market close on Friday, 27 June 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
17 hours ago
- Business
- Time of India
Tax compliance: Tata Steel served Rs 1,007 crore GST notice, says claim lacks merit, no business impact expected
Tata Steel has received a show cause-cum-demand notice from tax authorities over 'alleged irregular availment of input tax credit' (ITC) totalling over Rs 1,007 crore for the financial years 2018-19 to 2022-23, the company informed stock exchanges on Sunday. According to the notice dated June 27 from the Office of the Commissioner (Audit), Central Tax, Ranchi, the steelmaker has been asked to appear before the Additional/Joint Commissioner of Central GST & Central Excise in Jamshedpur within 30 days. The notice states the ITC was availed in contravention of provisions under Section 74(1) of the CGST/SGST Acts, 2017 and Section 20 of the IGST Act, 2017, PTI reported. Tata Steel clarified that it has already paid Rs 514.19 crore in GST during the normal course of business. 'The above GST amount is proposed to be appropriated in the notice and therefore the alleged GST exposure is Rs 493.35 crore only,' it stated in the regulatory filing. The company added that it believes the notice 'has no merits' and that it will submit its response within the stipulated deadline. 'There is no impact on financial, operational, or other activities of the company, arising from the said SCN,' Tata Steel said, quoted PTI. Input tax credit under GST allows businesses to offset tax paid on inputs against their output tax liabilities. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
5 days ago
- Business
- Economic Times
CBIC outlines detailed procedures for review, revision, and appeal for orders passed by Common Adjudicating Authorities
The CBIC has established clear procedures for review, revision, and appeal of orders issued by Common Adjudicating Authorities, addressing jurisdictional ambiguities arising from multi-state DGGI notices. The Principal Commissioner or Commissioner of Central Tax will act as the reviewing authority and handle appeals. This move aims to streamline processes and reduce litigation uncertainty for industries facing extensive GST investigations. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Central board of indirect taxes and customs (CBIC) Tuesday outlined detailed procedures for review, revision, and appeal for orders passed by Common Adjudicating Authorities The move aims to eliminate jurisdictional confusion for cases where companies have received complex, multi-state notices from directorate general of GST intelligence (DGGI), where the lack of defined appellate authority created procedural delays and litigation instruction specifies that Principal Commissioner or Commissioner of Central Tax under whom the Common Adjudicating Authority is posted will serve as the reviewing authority under Section 107 of the CGST same authority will also hold revisional powers under Section sections deal with taxpayers appeal against the demand or against orders from the Common Adjudicating Authority will lie with the Commissioner (Appeals) having territorial jurisdiction over the Principal Commissioner or Commissioner of Central Tax under whom the authority is Principal Commissioner or Commissioner of Central Tax will represent the department in appeal proceedings and may appoint a subordinate officer to file departmental said this will help industries receiving multiple notices and reflects the government's evolving commitment to procedural fairness in high-stakes investigations across sectors."This circular will have far-reaching implications across sectors frequently targeted in large-scale GST investigations, including banking, insurance, online gaming, hospitality, real estate, FMCG, manufacturing, and logistics," Rajat Mohan, Senior Partner, AMRG & Associates said.
