Announced Wed, 24 Jun · 19:50 IST
CGST order reduces penalty from Rs 36 cr to Rs 7.6 cr
Regulatory & Legal View source PDF
TTML · price
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Price reaction · full curve 14 horizons · vs prior close
-2.3%1-day move
₹43.00
prior close
₹43.40
base price
After-mkt
timing
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-0.5-0.8-0.9-0.9-2.3-0.9+0.2+0.1-0.7-2.9-6.6-8.3——
Up moveDown movePending
AI summary
Tata Teleservices (Maharashtra) received an order from the CGST and Central Excise Commissionerate, Belapur under Section 73 of the Finance Act, 1994. The order relates to alleged irregular or ineligible Cenvat Credit claims during FY 2009-10 to 2011-12. The penalty was reduced from Rs 36.14 crore to Rs 7.57 crore, along with applicable tax and interest. The company disagrees with the order and will take appropriate legal action to contest it.
Likely market impact
Reduced penalty of about Rs 7.57 crore plus tax and interest; company will contest, so final financial impact is uncertain but materially lower than original demand.