CEAT Limited has informed the Exchange about General Updates
CEATLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CEAT Limited received an order from the Commissioner CGST & Central Excise, Mumbai Central, favorable to the company. The matter involved four Show Cause cum Demand Notices issued by DGCEI, Mumbai, alleging that CEAT's tyre assembly activity (inserting tubes and flaps, strapping) constituted 'manufacture' under the Central Excise Act and Legal Metrology Act. A differential duty demand of INR 276.7 crore was raised for the period March 2011 to June 2017. The competent authority has now quashed these proceedings entirely, with no tax demand, interest, or penalty imposed on the company.
This is a positive development for CEAT as the INR 276.7 crore demand has been completely quashed with no financial, operational, or other consequences for the company.