Drop of demand raised by Assistant Commissioner, CGST & Central Excise, Sambalpur, Division-1, Odisha
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The Office of the Assistant Commissioner, CGST & Central Excise, Sambalpur Division-1, Odisha, has dropped a demand of ₹87,06,492 against Rathi Steel & Power Ltd through a Rectification Order dated May 20, 2025. The demand originally related to non-paid or short-paid interest under Section 73 of the CGST/OGST Act, 2017, and was withdrawn after the company's application under Section 161 of the CGST Act was allowed. This follows the company's earlier intimation dated February 26, 2025. The company has stated there will be no material impact on its financial, operational, or other activities.
This is a positive development for shareholders as a pending tax demand of around ₹87 lakh has been fully dropped, removing a potential liability. However, given the small size of the amount relative to typical company operations, the stock price impact is likely to be minimal.