In a recent development CEAT has received a GST claim order from the Assistant Tax commissioner of Bihar. The order confirming a GST dispute claim including interest and/or penalties, was issued by the Assistant Commissioner of State Tax, Bihar. The State Goods & Service Tax Act, 2017’s Section 73 authorises this order, which is relevant to the 2018–19 Financial Year. It rejects the Input Tax Credit of ₹14.13 lakh that was claimed on customer-issued credit notes and imposes an 18% annual interest rate in addition to a 10% penalty.
The business intends to submit an appeal against the confirmed demand in the order and is currently looking into the matter. On 7 March 2024, the company’s officers received a copy of the notification from the Authority in accordance with the Materiality of Events Policy
The ultimate effect on financial, operational, or other activity is still unknown at this moment as the corporation takes legal action against the order. The business reassures interested parties that it is committed to finding a thorough solution.
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