New Delhi, February 28, 2025 – JTEKT India Limited has informed the stock exchanges that it has received a GST demand order from the Excise and Taxation Department of Rewari, Haryana, under Section 73 of the CGST Act, 2017. The order pertains to tax liabilities, interest, and penalties related to Input Tax Credit (ITC) mismatches and E-way bill discrepancies.
Key Details of the Order:
- Issuing Authority: Excise and Taxation Officer, Ward-4, Rewari (Haryana).
- Order Received On: February 27, 2025.
- Total Demand Amount:₹2,85,54,421/-, including:
- Tax: ₹1,51,54,345/-
- Interest: ₹1,18,84,639/-
- Penalty: ₹15,15,437/-
- Reason for Demand: Mismatch in ITC claims, tax liability declared under E-way bill, and discrepancies in ITC on imported goods.
Company’s Response:
JTEKT India has stated that the demand will not have an impact on its financial or operational activities, as it plans to file an appeal with the appellate authority within the stipulated timeframe.Investor Implications:
While the financial liability is significant, the company's decision to challenge the demand suggests it believes there is a case for reversal or reduction. Investors will closely monitor developments related to this appeal.JTEKT India manufactures automotive and industrial components and is a subsidiary of Japan-based JTEKT Corporation.
For further updates, stay tuned.