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business | IST

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

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

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. CNBC-TV18 has written to JSW Steel for formal comment and is awaiting its response.
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