GST order received by the Company from Office of the Principal Commissioner of CGST and Central Excise, Chennai.
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Rane (Madras) Limited has received an order from the Additional Commissioner of CGST and Central Excise, Chennai North Commissionerate, levying a tax demand of Rs. 0.39 crore along with interest and penalty of Rs. 0.04 crore. The order relates to the alleged non-reversal of Input Tax Credit (ITC) as per credit notes reflected in GSTR-2A for Financial Year 2021-22. Notably, the original demand raised via a show cause notice on September 30, 2025 was Rs. 2.39 crore, which has been reduced significantly to Rs. 0.39 crore after the company's representation. The company has stated it will contest the order before the appropriate authority.
The financial impact is minimal — a total demand of about Rs. 0.43 crore is small relative to typical corporate earnings and is unlikely to materially affect the stock. The fact that the original demand was cut by over 80% is a mildly positive sign, though the pending appeal keeps the matter open.