GST order on Gajraula unit; Rs 72 lakh tax and penalty demand for FY18

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AI summary

Jubilant Ingrevia's Gajraula unit received an order from the Assistant Commissioner, GST Bijnor, confirming demand of service tax on ocean freight for FY 2017-18. Tax of Rs 36.05 lakh and an equal penalty of Rs 36.05 lakh have been imposed, along with interest under Section 75 of the Finance Act, 1994. The company plans to file an appeal before the Commissioner (Appeals) and says it has a strong case, with no material financial or operational impact.

Likely market impact

About Rs 72 lakh combined tax and penalty for FY18; company will appeal and says no material impact on operations or finances.