Tyre maker CEAT Ltd. gets Rs 1.98 crore GST Notice

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Tyre maker CEAT Ltd on Thursday said it has received a demand notice of Rs 1.98 crore for GST, along with a penalty from the Additional Commissioner, CGST, and Central Excise.

The demand pertains to the disallowance of transitional credit and Trans2 credit under the applicable provisions of the CGST Act, 2017, the company said in a regulatory filing. The Additional Commissioner, CGST & Central Excise, Vadodara-II, issued the order for a demand of Rs 1.80 crore, along with a penalty of Rs 18 lakh, it added.

“The company is in the process of analysing the matter and taking appropriate action for an appeal to be filed with the appellate authority,” CEAT Ltd said. On the impact on financial, operation or other activities of the company quantifiable in monetary terms to the extent possible, CEAT said, “(It is) not ascertainable at this stage.”

Source from: https://www.news18.com/business/ceat-gets-rs-1-98-crore-gst-notice-8683663.html