Ceat is currently addressing a Goods and Services Tax (GST) demand issued by the Assistant Commissioner of State Tax in Bihar.

The Assistant Commissioner of State Tax, Bihar, has released an order that establishes a GST demand, inclusive of interest and/or penalties, under Section 73 of the State Goods & Service Tax Act, 2017, for the Fiscal Year 2018-19. The order denies Input Tax Credit amounting to INR 14.13 lakh which was claimed on Credit Notes provided to customers and mandates interest at an annual rate of 18% in addition to a 10% penalty.

The company is carefully reviewing the situation and intends to challenge the order by filing an appeal. The officials of the company were informed about the notice from the Authority on March 7, 2024, following the Materiality of Events Policy.

As the company takes steps to contest the order, the eventual impact on its financial, operational, or other aspects of the business is still to be determined. Ceat has committed to handling the issue with due diligence and assures its stakeholders of its dedication to a resolution.

Source from: https://www.a2ztaxcorp.com/ceat-challenges-bihar-gst-dispute-reviews-impact-and-plans-appeal/