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CEAT Ltd Faces Over INR 19 Crore GST Demand and Penalties; Initiates Analysis and Countermeasures Tyre manufacturer CEAT Ltd disclosed on Wednesday that it has encountered GST demands and penalties exceeding INR 19 crore from tax authorities in Maharashtra and Vadodara. The Additional Commissioner, CGST Central Excise, Vadodara, issued an order for an interest of INR 3.27 crore and a penalty of INR 13.68 crore. This follows a show cause notice (SCN) initially issued due to a delay in reflect
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FAQ :
CEAT Ltd is facing GST demands and penalties exceeding INR 19 crore.
The demands have been issued by tax authorities in Maharashtra and Vadodara.
The demand in Vadodara, totalling over INR 16.95 crore in interest and penalties, is due to a delay in reflecting input tax credit to the credit ledger, attributed to a technical issue in the TRAN-1 return.
The order from Maharashtra involves the reversal of input tax credit related to non-payment of tax by suppliers, along with interest and a penalty.
CEAT Ltd is actively analysing both cases and taking appropriate steps against the authorities' orders.
As of now, the final impact on CEAT Ltd's financial, operational, or other activities remains uncertain.
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