HomeBusiness NewsMumbai GST zone detects Rs 265 crore tax evasion by JSW Steel; co repays Rs 262 crore

Mumbai GST zone detects Rs 265 crore tax evasion by JSW Steel; co repays Rs 262 crore

GST authorities claims that JSW Steel had wrongly availed input tax credit of compensation cess on coking coal used for captive consumption.

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By Timsy Jaipuria  December 3, 2021, 1:47:54 PM IST (Updated)

Mumbai GST zone detects Rs 265 crore tax evasion by JSW Steel; co repays Rs 262 crore
CNBC-TV18 has learnt that the Mumbai GST zone has detected tax evasion of Rs 265 crore by JSW Steel. GST authorities claim that JSW Steel had wrongly availed input tax credit of compensation cess on coking coal used for captive consumption.


The credit of unutilised cess was consequently claimed as refund by GST authorities and it is learnt that JSW Steel has repaid around Rs 261.7 crore in various tranches back to the GST authorities.

Reacting to the allegations, Seshagiri Rao, Joint MD, JSW Steel & Group CFO, said, “JSW Steel hereby clarifies that GST authorities' allegation is factually incorrect, misleading, and totally untrue. The company has not utilised any input tax credit of Compensation Cess paid on procurement of coal used in steel production for domestic consumption or claimed any undue refund of the same.”


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