R R Kabel Limited has informed the Exchange regarding appeals filed by the GST Department.
RRKABEL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
R R Kabel Limited disclosed that the Principal Commissioner of CGST & CE, Vadodara-I Commissionerate has filed appeals with the Goods and Services Tax Appellate Tribunal (GSTAT) against two earlier orders (dated September 26, 2024) that had been decided in the company's favor. The dispute involves GST refunds totaling ₹36.9 crore — ₹5.17 crore for October-November 2018 and ₹31.74 crore for April 2019 to September 2021 — along with penalties of ₹51.68 lakh and ₹3.17 crore respectively. The department claims the refunds were incorrectly allowed under Rule 89(4) instead of Rule 89(4B). The company contends it correctly claimed refunds under Section 54(3) and Rule 89(4) without availing the notification benefit. The company states it does not expect any material financial implications from these appeals.
The appeals create litigation uncertainty over a ₹36.9 crore refund amount, though the company won at the first appellate level and expects no material financial impact. The stock may see minor pressure due to the ongoing dispute, but the company's confidence and prior favorable ruling provide some comfort.