Usha Martin Limited has received a penalty of ₹ 44,38,72,605/- under relevant provisions of CGST Act 2017 read with relevant provisions of IGST Act, 2017 and GST (Compensation to States Act), 2017, according to the Company’s exchange filing.
Additional Commissioner Of CGST & C.Ex, Ranchi has imposed a penalty on allegation of wrong availment / excess utilization/claim of inadmissible Input Tax Credit, non-payment/short payment of GST related to the period July 2017 to March 31, 2022.
The Company is likely to file an appeal before an appropriate authority.”The Company strongly objects to the levy of such a penalty and is in the process of taking adequate steps to contest the said Order before appropriate appellate authorities within the stipulated time,” said Usha Martin in her exchange filing.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
