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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
JSL Industries has received a favourable order from the Additional Commissioner, CGST & CE, Vadodara-I Commissionerate in a long-pending service tax case. The case originated from a show cause notice dated January 2016, which had proposed a service tax demand of Rs. 22,51,007 under the reverse charge mechanism for the period July 2012 to November 2015. The matter was earlier remanded back by CESTAT Ahmedabad for fresh adjudication. In the latest order, the entire demand along with interest and penalty has been dropped in favour of the company. The company has stated there is no financial implication arising from this outcome.
Positive for shareholders — a pending tax liability of Rs. 22.51 lakhs plus interest and penalty has been completely extinguished, removing an overhang on the company. The order is unlikely to have a material impact on stock price given the small quantum involved.