Dalmia Bharat Limited has informed the Exchange about General Updates
DALBHARAT · price
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Awaiting price reaction for this filing.
Dalmia Bharat's wholly owned subsidiary Dalmia Cement (Bharat) Limited (DCBL) received orders from the GST authority in Ranchi, Jharkhand, waiving off the entire interest of Rs. 23.56 lakh and penalty of Rs. 5.23 lakh for FY 2018-19, as well as the penalty of Rs. 20,000 for FY 2019-20. The waivers were granted under Section 128A of the Central GST Act based on applications filed by DCBL. The original demands related to ineligible input tax credit claims and short payment of self-assessed tax, respectively. The company stated there will be no financial impact on DCBL as a result of these orders.
This is a positive development for Dalmia Bharat shareholders as previous GST interest and penalty demands on its cement subsidiary have been fully waived off, eliminating any potential financial liability from these proceedings. The amounts involved are relatively small and unlikely to materially affect the stock price.