KEI Industries gets partial relief in GST demand appeal, revised to Rs 2.23 cr
KEI · price
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KEI Industries got partial relief in its GST demand appeal for FY 2017-18. The Commissioner Appeals, Noida reduced the earlier demand, setting aside portions related to excess input tax credit and interest on delayed billing. Revised demand stands at about Rs 2.23 crore plus an equal penalty under Section 74(9) of the CGST Act. Demand relates to road restoration charges under reverse charge. Company says the demand is not maintainable and plans to appeal further to the GST Appellate Tribunal. No material impact on financials or operations expected.
Partial relief reduces earlier GST demand. Company to appeal further. No material impact on operations or financials expected.