Escorts Kubota Limited has informed the Exchange regarding 'Update on information disclosed pursuant to Regulation 30 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015.
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Escorts Kubota had earlier disclosed a GST penalty of about ₹22.95 lakh plus interest imposed by the Joint Commissioner, GST, Faridabad, for a delay in paying IGST under the reverse charge mechanism. The company filed an appeal against this order. In a positive development, the Commissioner (Appeals), Gurugram has now accepted the appeal and dropped both the penalty and the applicable interest entirely.
This is a favorable outcome for Escorts Kubota shareholders, as it removes a financial liability of around ₹22.95 lakh in penalty plus interest. While small in size relative to the company, it eliminates a pending tax overhang and confirms the company's position on the dispute.