GST Dept Disallows ITC of JK Lakshmi Cements, demanded to pay GST

GST Dept Disallows ITC of JK Lakshmi Cements, demanded to pay GST

JK Lakshmi Cement Limited (JKLC) recently issued a regulatory filing to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India Ltd. (NSE) under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

The GST Department has disallowed the input tax credit along with the demand to pay GST under RCM of Rs 657.43 Lakh for the time period July 2017 to March 2018, and imposed the penalty of Rs 65.74 Lakh, vide order dated January 15, 2024 states the Joint Commissioner of State Tax.

Also Read
Big Relief for Investors: SEBI Reopens Window to Transfer Physical Shares

The company filed an appeal on May 8, 2024 before the State Appellate Authority. The order was passed in favour of the company, confirming only a tax demand of Rs 6,94,432.

The GST Department disallowed the excess Input Tax Credit of any aberrations identified by the authority in the communication.