Highlights
- Larsen & Toubro Limited has received an order from the Joint Commissioner of Central Goods and Service Tax and Central Excise in Jamshedpur, disallowing the transitional credit claimed by the company.
- The order imposes a penalty of ₹ 34,358,771 under section 74(1) of the Central Goods and Service Tax Act, 2017, concerning the disputed transitional credit.
- Larsen & Toubro Limited plans to file an appeal against this order, as the company disagrees with the levy and anticipates a favorable outcome at the appellate authority.
Larsen & Toubro Limited has received an order from the Joint Commissioner, CGST & Central Excise, Jamshedpur.
The order was passed under section 74(1) of the Central Goods and Service Tax Act, 2017 disallowing transitional credit claimed and levying a penalty of ₹ 3,43,58,771/-
The violation relates to the transitional credit claimed by the Company disputed.
The Company is likely to file an appeal before an appellate authority. “The Company does not agree with this levy and would be filing an appeal against this order and expects a favorable outcome at the higher forum,” L&T said in an exchange filing.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
