Tax demand of Rs 299 Cr dropped by Chennai tax officer
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Chennai State Tax Officer has dropped tax demand of Rs 299.24 Crores (along with interest and penalty) for Financial Years 2020-21 to 2023-24. The demands were wrongly raised by classifying agricultural tractors as road tractors and computing GST on total turnover instead of only tractor turnover. The company had contested the demands through written objections.
Positive. Rs 299 Cr tax liability removed, strengthening earnings and cash flow outlook.