Latest news with #YashoIndustries
Time of India
19-05-2025
- Business
- Time of India
Supreme Court allows 10% GST appeal pre-deposit via credit ledger in major relief for businesses
In a matter that will have huge implications for businesses across the country, the Supreme Court on Monday upheld a Gujarat High Court decision that allowed the companies to make mandatory 10% pre-deposit via the Electronic Credit Ledger (ECL), which contains accumulated input tax credit (ITC), for filing an appeal under the Goods and Services Tax law . Dismissing the revenue's appeal, in the case of Yasho Industries vs Union of India, a bench led by Justice B.V. Nagarathna confirmed the HC order holding the pre-deposit payments from ECL was valid and sufficient compliance under Section 107(6)(b) of the Central Goods and Services Tax (CGST) Act, 2017. Mumbai-based chemical manufacturing and export company Yasho Industries had deposited the required 10% of the disputed tax amount of Rs 3.36 crore through ECL using Form GST DRC-03, but the department refused to consider the credit ledger payment as valid. This was challenged by the company before the HC, which ruled in its favour. 'The Supreme Court's verdict is a significant win for taxpayers, especially small and medium enterprises who often struggle with cash flow constraints during litigation,' said Abhishek A Rastogi, who represented the company. 'By allowing the use of the ECL for mandatory pre-deposits, the judgment removes a major financial burden and simplifies the appellate process by removing narrow interpretation. This decision will now ensure that taxpayers are not forced to pay in cash when legitimate input tax credit is available', added Rastogi. Saurabh Agarwal, Tax Partner, EY, too echoed Rastogi's view, saying what this judgment essentially does is give a much-needed breather to industries that have been struggling with their cash flow. 'Right now, if a company is in a dispute and needs to make a pre-deposit, it often means shelling out actual cash, even if they have a good amount of GST credit lying in their credit ledger. This really leads to significant working capital blockages,' he said. 'This new ruling, by allowing them to use their existing credit to make these pre-deposits, will free up their cash. Plus, if they eventually win their case, they won't have to go through the lengthy process of claiming a refund, as the adjustment would already be within their credit ledger. It's a win-win in terms of immediate cash flow and avoiding future hassles,' he added.
Business Standard
02-05-2025
- Business
- Business Standard
Yasho Industries consolidated net profit declines 71.96% in the March 2025 quarter
Sales rise 6.27% to Rs 182.81 crore Net profit of Yasho Industries declined 71.96% to Rs 5.03 crore in the quarter ended March 2025 as against Rs 17.94 crore during the previous quarter ended March 2024. Sales rose 6.27% to Rs 182.81 crore in the quarter ended March 2025 as against Rs 172.03 crore during the previous quarter ended March 2024. For the full year,net profit declined 89.45% to Rs 6.11 crore in the year ended March 2025 as against Rs 57.94 crore during the previous year ended March 2024. Sales rose 12.63% to Rs 668.50 crore in the year ended March 2025 as against Rs 593.56 crore during the previous year ended March 2024. Particulars Quarter Ended Year Ended Mar. 2025 Mar. 2024 % Var. Mar. 2025 Mar. 2024 % Var. Sales 182.81172.03 6 668.50593.56 13 OPM % 17.9818.11 - 16.3816.81 - PBDT 21.0126.98 -22 59.0892.34 -36 PBT 8.0323.01 -65 9.0276.72 -88 NP 5.0317.94 -72 6.1157.94 -89
