Tata Steel Limited (500470) on Monday said it has received an order from the Joint Commissioner of CGST & Central Excise, Jamshedpur, Jharkhand, directing the company to pay ?890.52 crore in tax, an equal amount as penalty, along with applicable interest, in connection with an alleged excess availment of input tax credit (ITC).
The development follows a Demand-cum-Show Cause Notice earlier issued by the tax authorities, alleging irregular availment of ITC for the period from fiscal 2018-19 through fiscal 2020-21.
Tata Steel said it had submitted its responses within the prescribed timelines but believes its submissions were not adequately considered while deciding the matter.
The company added that it has strong grounds on merit to challenge the demand and intends to contest the order before the appropriate forum within the statutory timelines. Based on the merits of the case, Tata Steel does not anticipate any impact on its financial, operational, or other activities arising from the order.
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