JK Tyre receives Rs 8.78 crore GST order on input tax credit reversal; no material impact on operations
JK Tyre & Industries Ltd informed the exchanges on July 15 that it has received an order from the Commissioner (Appeals), CGST & Central Excise, Bhopal, dismissing the company's earlier appeal related to reversal of input tax credit (ITC).
The matter pertains to the GST department's demand for reversal of ITC availed on lease rent of machinery amounting to ₹8.78 crore, along with applicable interest and penalty of an equal amount. Earlier, on March 17, 2024, the company had disclosed receipt of the original order from GST authorities and had filed an appeal on May 29, 2024.
In its latest filing, JK Tyre said that the appellate authority has ruled against the company's appeal. However, the company stated it believes it has a strong case and plans to pursue further remedies before higher authorities. It also clarified that there is no material impact on its financial, operational, or other activities as a result of this order.
The company reaffirmed its commitment to defending its position and complying with all applicable laws.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
an hour ago
- Business Upturn
Should you buy IndiGo shares? Know what brokerages think
By Aditya Bhagchandani Published on July 16, 2025, 14:09 IST Shares of InterGlobe Aviation Ltd. (IndiGo), India's largest airline, have already flown high — rising about 34% over the past year and delivering a staggering six-fold return in the last five years. But could there still be more runway ahead? According to Morgan Stanley, the answer is yes. The brokerage has reiterated its 'Overweight' rating on IndiGo shares with a price target of ₹6,502, implying a potential upside of about 10% from Tuesday's closing price. Morgan Stanley notes that IndiGo is currently trading at roughly 9x its FY27 EV/EBITDA, which is above its pre-Covid median of 8.5x, but still reasonable given the broader re-rating seen across the travel and tourism sector. The brokerage highlights several factors that could drive a further re-rating in the stock: Reduced promoter stake sale overhang Tight near-term industry supply Industry consolidating into a two-player market Potential boost from business class expansion Morgan Stanley also points to India's under-penetrated aviation market and IndiGo's bulk aircraft orders as positives, noting that its single fleet strategy keeps costs low. By 2030, it expects long-haul international flights to contribute around 7% of IndiGo's mix, offering additional margin benefits due to lower fuel burn and better cost absorption on longer routes. Importantly, the brokerage does not see much risk of regulatory intervention to cap airfares, given the government's focus on supporting the sector. Among 25 analysts tracking the stock, 21 have a 'Buy' rating, while two each recommend 'Hold' and 'Sell.' For investors looking at aviation, IndiGo continues to attract strong backing from brokerages thanks to its dominant market position, cost leadership, and growth prospects — though some caution remains given its recent sharp rally. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
an hour ago
- Business Upturn
Escorts and Mahindra shares in focus amid GST reduction talks on tractors, farm equipment: Report
Shares of Escorts and Mahindra & Mahindra were in focus today following reports that discussions are underway to reduce GST on tractors and farm equipment from 12% to 5%, according to Zee Business. ESCORTS shares traded in a narrow range today, opening at ₹3,357.40 and hitting a high of ₹3,400.00 before dipping to a low of ₹3,323.60. The stock remains well below its 52-week high of ₹4,420.00 but significantly above its 52-week low of ₹2,776.40. As of 1:26 PM, the shares were trading 0.31% lower at Rs 3,347.00. Mahindra & Mahindra shares opened at ₹3,128.60 and hit a high of ₹3,139.40 during today's trade. The stock also touched a low of ₹3,082.40. It continues to trade close to its 52-week high of ₹3,270.95, while the 52-week low stands at ₹2,425.00. As of 1:26 PM, the shares were trading 0.070% higher at Rs 3,130.80. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Business Upturn
3 hours ago
- Business Upturn
Kaveri Seeds, Dhanuka Agritech, Mangalam Seeds in focus as cabinet likely to clear PM Dhan Dhanya Krishi Yojana for 100 low-productivity districts
By Aditya Bhagchandani Published on July 16, 2025, 10:55 IST Shares of Kaveri Seed Company, Dhanuka Agritech, and Mangalam Seeds were in focus on Tuesday, trading higher as reports suggested the Union Cabinet is likely to approve the PM Dhan Dhanya Krishi Yojana aimed at boosting farm productivity in 100 low-productivity districts. KAVERI SEEDS, DHANUKA AGRI , MANGALAM SEEDS IN FOCUS CABINET IS LIKELY TO APPROVE PM DHAN DHANYA KRISHI YOJANA FOR 100 LOW-PRODUCTIVITY DISTRICTS — RedboxGlobal India (@REDBOXINDIA) July 16, 2025 At around 10:50 AM, Kaveri Seeds was trading at ₹1,159, up 0.38%; Dhanuka Agritech stood at ₹1,725.80, up 1.21%; and Mangalam Seeds rose 0.57% to ₹175. These gains come amid optimism around the expected policy announcement. The plan, first outlined in the Union Budget on February 1, 2025, seeks to benefit around 1.7 crore farmers by enhancing crop productivity, improving irrigation facilities, and strengthening both long-term and short-term credit access. The scheme is designed to integrate existing initiatives and target districts with low yields, poor sowing patterns, and weak credit metrics. According to the February release, the scheme's key objectives include promoting diversified and sustainable farming practices, expanding storage infrastructure at the panchayat and block levels, and increasing the availability of climate-resilient seeds. Further, the program aims to facilitate skill development, investments, and technology adoption in rural areas to create employment opportunities, reduce migration, and enhance farmers' income. Finance Minister Nirmala Sitharaman had noted then that the scheme would specifically assist small and marginal farmers, rural women, and landless families by fostering modernisation, encouraging enterprise development, and ensuring fair prices for produce. With the Cabinet now reportedly set to give the formal go-ahead, agri-input and seed companies stand to gain from higher demand for quality seeds, irrigation products, and farm advisory services as the scheme is implemented in the identified districts. Investors will closely watch for the official announcement and further details on implementation timelines and budgetary allocation. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
