GST order received by the Company 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. 12.23 Crores along with an equal amount in penalty and applicable interest. The order relates to issues including excess or wrong availing of Input Tax Credit (ITC), short payment of tax, ITC claimed on blocked credits, job work procedure irregularities, and reverse charge mechanism applicability, covering financial years 2018-19 to 2023-24. The original demand raised in the show cause notice dated June 30, 2025 was Rs. 22.64 Crores plus equivalent penalty and interest, which has now been reduced to Rs. 12.23 Crores. The company has stated it will contest the order before the appropriate appellate authority.
This is a material tax liability that could affect the company's financials if the order is upheld, though the company intends to appeal. The reduction from the original Rs. 22.64 Crores demand to Rs. 12.23 Crores is a positive development, but uncertainty remains until the appeal is resolved.