Jtekt India Limited has informed the Exchange about General Updates
JTEKTINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.1 pts less than Nifty Microcap 250 and 0.7 pts less than its Auto Components & Equipments peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Jtekt India Limited has received a Show Cause Notice from the Office of the Joint Commissioner of State Goods & Services Tax, Chennai, relating to its erstwhile subsidiary JTEKT Sona Automotive India Limited (now amalgamated with Jtekt India). The notice pertains to the applicability of GST on expats under the Reverse Charge Mechanism for FY 2019-20. The tax demand is Rs. 3.63 crore in IGST, along with applicable penalty and interest under the CGST Act, 2017. The company has stated that the matter relates to a period before amalgamation and is in the process of filing its reply. It has clarified that there is no material impact on its financials, operations, or other activities at this stage.
This is a routine tax notice and not a final order; the company will contest it. The Rs. 3.63 crore demand is small relative to the company's size and is unlikely to materially affect the stock, though investors should track the outcome of the company's reply.