Escorts Kubota Limited has informed the Exchange about the disclosure under Regulation 30 of SEBI Listing Regulations, 2015
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Awaiting price reaction for this filing.
Escorts Kubota Limited has received a Show Cause Notice (SCN) from the Assistant Commissioner, Division Faridabad North, Haryana, proposing the rejection of a GST refund claim of Rs. 7.48 Crore filed under the Inverted Duty Structure of the Central Goods and Services Tax Act, 2017. The Company believes the GST Department has applied an incorrect formula for computing the inverted duty structure refund. The Company plans to contest the allegations by filing an appropriate response. Management has stated that there will be no material financial impact on the Company given the merits of the matter.
No material financial impact expected as per management; the matter is a routine tax dispute that the Company intends to defend, so it is unlikely to affect shareholders or stock price significantly in the short term.