Tata Steel Share Price: The country’s leading steel manufacturer Tata Steel (Tata Steel) has been issued a mourning notice of ₹ 1,000 crore less tax demand notice due to alleged irregularities associated with input tax credit (ITC). The company received this notice on 28 June. Its information was given on June 29 through exchange filing.
According to the filing, the Central Tax Audit Office, Ranchi has demanded a tax accusing the company of violation of CGST and IGST laws between FY 2018-19 to 2022-23. In the notice, Tata Steel has been asked to file a reply before the Additional/Joint Commissioner (CGST & Excise) in Jamshedpur within 30 days.
What is the side of Tata Steel?
Tata Group veteran Tata Steel has described the notice as ‘baseless’. He says that he has already repaid the GST of ₹ 500 crore under the general trade process. A total of ₹ 1,000 crore has been demanded in the notice, out of which ₹ 500 crore has already been paid. The remaining liability of more than ₹ 400 crore is still disputed.
The company has also clarified that the matter will not affect its financial condition, operations or other activities.
Tata Steel shares
After this tax notice, on Monday, June 30, shares of Tata Steel can stay in the focus of investors. On Friday, the stock closed at ₹ 161.29 per share with a gain of 0.47%. It has given a return of 17.83% in the last six months.
However, it has come down 7.34% in the last one year. The market cap of Tata Steel is ₹ 2.02 lakh crore.
What is Tata Steel Business?
Tata Steel is the country’s legendary steel manufacturing company. It specializes in end-to-end steel manufacturing from iron ore to finished steel products. Its business extends to mining, steel manufacturing, processing and distribution.
The company produces high-quality steel products for sectors such as automobiles, construction, infrastructure and packaging. Apart from India, Tata Steel also has a presence in Europe and South-East Asia. It is counted among the largest steel companies in the world.
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