RSSL gets tax order; faces about Rs 7.46 Cr liability for FY19-20
RANEHOLDIN · price
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Wholly owned subsidiary Rane Steering Systems (RSSL) received an order from the Deputy Commissioner (CT), Chennai South under Section 112 of the TNGST Act. The order partly allowed, partly dismissed and partly modified RSSL's appeal against an earlier GST assessment for FY 2019-20. Matters dismissed include tax liability on reverse and forward charge mechanism on certain expenses and availing ITC on trade payables. The expected financial impact is Rs 7.46 Crores including penalty of Rs 0.38 Crores. RSSL will consult its tax advisors and file a further appeal before the appropriate authority within prescribed timelines.
Subsidiary faces Rs 7.46 Cr tax liability including Rs 0.38 Cr penalty for FY19-20; company plans to appeal further, outcome uncertain.