JK Lakshmi Cement Limited has informed the Exchange about Announcement under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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JK Lakshmi Cement has disclosed the outcome of an appeal against an earlier GST order from the Joint Commissioner of State Tax, Durg Division, Chhattisgarh. The original order (dated January 15, 2024) had disallowed input tax credit and demanded ₹657.43 lakh along with GST under reverse charge mechanism for July 2017 to March 2018, plus a penalty of ₹65.74 lakh. The company appealed this in May 2024, and the State Appellate Authority has ruled largely in the company's favour. The final confirmed tax demand is now only ₹6,94,432 — a massive reduction from the original claim. No further penalty or restriction has been imposed.
This is a positive outcome for shareholders — the original demand of over ₹7 crore has been reduced to under ₹7 lakh on appeal. The financial impact is negligible and the matter is effectively closed in the company's favour, removing a lingering tax overhang.