CEAT Limited Announces Order Confirming GST Demand Along with Interest And/Or Penalty Issued by Superintendent, GST & Central Excise, Bhubaneswar, Orissa; and Assistant Commissioner, CSGT & CEX Division, Kanpur, Uttar Pradesh
May 03, 2024 at 04:31 am EDT
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CEAT Limited announced that it order confirming GST demand along with interest and/or penalty have been issued by the Superintendent, GST & Central Excise, Bhubaneswar, Orissa; and Assistant Commissioner, CSGT & CEX Division, Kanpur, Uttar Pradesh. Nature and details of the action(s) taken, initiated or order(s) passed: The GST Department has passed an order under Section 73 of the State Goods & Service Tax Act, 2017 in the state of Orissa, for the Financial Year 2018-19, disallowing Input Tax Credit of INR 0.95 Million on account negative balance appearing in Table 8D of GSTR9 along with applicable interest and penalty of INR 0.95 Million. The Company believes that it has not defaulted on the applicable provisions of the statute and is actively analyzing the matter for filing an appeal for the demand amount confirmed in the Order.
The GST Department has passed an order under Section 73 of the State Goods & Service Tax Act,2017 in the state of Uttar Pradesh, for the Financial Year 2018-19, disallowing Input Tax Credit of INR 3.678 Million on account of difference between GSTR2A Vs. GSTR3B and INR 0.092 Million on account of ineligible input tax credit along with the applicable interest and penalty of INR 0.377 Million.
CEAT Limited is an India-based tire company. The Companyâs principal business is manufacturing of automotive tires, tubes and flaps. The Company manufactures tires for a broad range of vehicles, including two/three wheelers, passenger and utility vehicles, commercial vehicles, and off-highway vehicles. The Company's tire categories include car, bike and scooter tires. It offers tires for various cars such as Maruti Alto, Maruti Alto K10, Maruti Swift, Maruti Swift Dzire and Maruti Wagon R. It offers tires for various bikes such as Hero Splendor, Hero Passion, Honda Shine, Honda Dream, Honda Unicorn, TVS Apache, Yamaha FZ, Royal Enfield, Bajaj CT 100/110, Bajaj Platina and Bajaj Dominar. It offers tires for various scooters such as Honda Activa, Suzuki Access, TVS Jupiter and Hero EZ. CEAT.com, its e-commerce Website, where customers can opt for doorstep tire delivery, fitment at home or they can pick up from an authorized store (physically). The Company also sells cricket bats.