Bansal Wire wins GST appeal, tax demand of Rs 63.5 lakh reduced to nil
BANSALWIRE · price
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On the reaction day the stock moved 1.2 pts more than Nifty Microcap 250 and 1.1 pts more than its Iron & Steel Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Bansal Wire Industries has received a favorable order from the GST Appellate Authority in its appeal against a GST assessment for FY 2018-19. The tax liability of about Rs 63.53 lakh has been reduced to nil, with no penalty or interest payable. The original order had flagged issues related to E-way bills, blocked and excess ITC, and tax on sale of RODTEP licenses. The company states the ruling has no financial, operational, or business impact and reaffirms its compliance framework.
Positive for shareholders; removes a pending tax demand and interest or penalty exposure, with zero financial impact on the company.