Usha Martin Faces ₹ 44.38 Cr Penalty For GST Non-Compliance

Usha Martin Faces ₹ 44.38 Cr Penalty for GST Non-Compliance

Usha Martin Limited has been imposed a penalty of ₹ 44,38,72,605/- by the Additional Commissioner of CGST & C.Ex, Ranchi, under the relevant provisions of the CGST Act 2017, IGST Act 2017, and GST (Compensation to States) Act, 2017. The penalty pertains to allegations of wrongful availment, excess utilization, and the claim of inadmissible Input Tax Credit, as well as non-payment or short payment of GST for the period spanning from July 2017 to March 31, 2022.

In response, the company has expressed its intention to appeal the order before the appropriate authorities. “The Company strongly objects to the levy of such a penalty and is in the process of taking adequate steps to contest the said Order before appropriate appellate authorities within the stipulated time,” said Usha Martin in its exchange filing.

The disclosure was made in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.