JSW Steel is slapped with a ₹1.29 crore tax demand by the GST department, according to ET LegalWorld.

JSW Steel Limited has received a notice from the Office of Assistant Commissioner of Central Tax, Hosapete Division, demanding a tax amount of ₹1,29,36,981 along with interest and penalty of ₹1,24,72,581 and ₹1,29,36,891, respectively. The matter dates back to FY 2017-18, when the company suo-moto reversed Input Tax Credit (ITC) on a monthly basis and then reclaimed excess ITC in July 2019. However, the reclaim was disallowed due to being made beyond the allowed time limit under Rule 42 (2) (b) of the CGST Rules, 2017. The company plans to challenge the order by filing an appeal. This information was disclosed under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.