Comments
Chemicals maker BASF India Ltd. on Thursday said it has received a tax demand notice of ₹46 crore from the Karnataka government.
The company said that it had earlier got demand notices from the Commercial Tax Department, Karnataka, aggregating to ₹620.93 crore (including interest and penalty) for the periods 2006-2007 to 2014-2015 by treating the stock transfers of the company’s Mangalore plant as interstate sales to dealers.
BASF also said that it got a stay order from Karnataka Appellate Tribunal on recovery of demand for the periods 2006-2007 to 2010-2011 and 2014-2015.
“The Company has now received a demand notice for the further period i.e. 2015-2016 from Commercial Tax Department, Karnataka, aggregating to ₹46.01 crore (including interest and penalty) by treating the stock transfers of its Mangalore Plant as interstate sales to dealers,” BASF India said in a regulatory filing.
The company is in the process of filing its detailed reply/submission/appeals in response to the demand notice, it added.
“The company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter,” the filing said.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.