Shares of CEAT Ltd tanked almost 10 per cent on Friday’s trade after the tyremaker on Thursday reported a 22 per cent dip in net profit with ₹102 crore for the quarter that ended in March against ₹132 crore reported during the same quarter last year.
As of 3.25 pm, the stock was down by 2.99 per cent at ₹2,544
In addition, the company has received orders of GST demand along with interest and/or penalty issued by the Superintendent, GST & Central Excise, Bhubaneswar, Odisha; and Assistant Commissioner, CSGT & CEX Division, Kanpur, Uttar Pradesh.
The GST Department has passed an order under Section 73 of the State Goods & Service Tax Act,2017 in the State of Odisha, for the Financial Year 2018-19, disallowing input tax credit of ₹9.50 lakh on account negative balance appearing in Table 8D of GSTR9 along with applicable interest and penalty of ₹0.95 lakh.
The GST Department’s order under Section 73 of the State Goods & Service Tax Act,2017 in the state of Uttar Pradesh, for the Financial Year 2018-19, pertains to disallowing input tax credit of ₹36.78 lakh on account of difference between GSTR2A Vs. GSTR3B and ₹0.92 lakh on account of ineligible input tax credit along with the applicable interest and penalty of ₹3.77 lakh.
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.