Order -IN -Appeal No. 100 to 108 (GS) CGST/JPR/2025 passed under section 107 of the central goods & Services Act,2017
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Rajasthan Tube Manufacturing Company has informed the BSE that it received an appeal order dated 25 November 2025 from the Commissioner (Appeals), CGST, Jaipur, related to alleged circular trading and fraudulent passing of Input Tax Credit (ITC) without underlying supply of goods during April to November 2019. The original order (dated January 2024) had imposed ITC demands and penalties on the company and related parties — Rs 4.89 crore on the company, Rs 4.27 crore on M/s Rajendra Steel, Rs 4.52 crore on M/s S.S. Trading, and Rs 81.98 lakh on M/s Jain Impex, along with Rs 50,000 penalties each on directors and employees including the MD and CFO. The case arose from GST department searches conducted in January 2020, which found that the company's own trucks were used in alleged round-trip transactions between the manufacturer and three trader entities at non-existent premises. The order allows the company to further appeal before the GST Appellate Tribunal (GSTAT).
This is a major negative development — the company faces a potential tax liability exceeding Rs 15 crore across the group of entities, plus penalties. While the company retains the right to appeal to GSTAT, near-term uncertainty and possible cash outflows weigh on the stock. Shareholders should watch for the next hearing/outcome and any further disclosures on the financial impact.