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Time of India
03-07-2025
- Business
- Time of India
Voltas shares in focus after GST show cause notice worth Rs 265 crore
Voltas shares are in focus following a show cause notice from central tax authorities regarding an alleged GST short payment of ₹265.25 crore. The notice pertains to financial years 2018-19 to 2020-21 and involves Universal Comfort Products, which merged with Voltas in FY 2020-21. Tired of too many ads? Remove Ads According to the company's regulatory filing: Stock performance and technical view Tired of too many ads? Remove Ads Shares of Voltas are set to be in focus on Thursday after the company disclosed that it has received a show cause notice from central tax authorities for an alleged short payment of GST amounting to Rs 265.25 crore. The notice pertains to the financial years 2018–19 to 2020–21 and involves Universal Comfort Products Ltd , which merged with Voltas in FY 2020– said on Wednesday that the notice was issued by the Office of the Principal Commissioner, Central GST Commissionerate , Dehradun.'A Show Cause Notice from the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun, under the Central Goods and Services Tax Act, 2017, read with the Uttarakhand Goods and Services Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017, has been received, alleging short payment of GST for the financial years 2018–19 to 2020–21 by Universal Comfort Products Limited (which merged with the Company during FY 2020–21).'The notice seeks an explanation from Voltas as to why the alleged shortfall should not be recovered, along with interest and penalties. 'The Company is evaluating this matter and will submit its reply within the prescribed time period,' Voltas said. Voltas shares have fallen 8% over the past year and 27.4% in the last six months. Over the past three months, the stock is down nearly 1%, but it has gained close to 7% in the past month, indicating recent positive a technical perspective, the stock is currently trading above six of its eight key simple moving averages (SMAs) — including the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day SMAs — but remains below the 150-day and 200-day Relative Strength Index (RSI) stands at 60.8, suggesting that the stock is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 13.5 and continues to trade above both the centerline and the signal line, reinforcing the ongoing bullish trend.
Economic Times
03-07-2025
- Business
- Economic Times
Voltas shares in focus after GST show cause notice worth Rs 265 crore
Shares of Voltas are set to be in focus on Thursday after the company disclosed that it has received a show cause notice from central tax authorities for an alleged short payment of GST amounting to Rs 265.25 crore. The notice pertains to the financial years 2018–19 to 2020–21 and involves Universal Comfort Products Ltd, which merged with Voltas in FY 2020–21. ADVERTISEMENT Voltas said on Wednesday that the notice was issued by the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun. 'A Show Cause Notice from the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun, under the Central Goods and Services Tax Act, 2017, read with the Uttarakhand Goods and Services Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017, has been received, alleging short payment of GST for the financial years 2018–19 to 2020–21 by Universal Comfort Products Limited (which merged with the Company during FY 2020–21).' The notice seeks an explanation from Voltas as to why the alleged shortfall should not be recovered, along with interest and penalties. 'The Company is evaluating this matter and will submit its reply within the prescribed time period,' Voltas said. Voltas shares have fallen 8% over the past year and 27.4% in the last six months. Over the past three months, the stock is down nearly 1%, but it has gained close to 7% in the past month, indicating recent positive momentum. ADVERTISEMENT From a technical perspective, the stock is currently trading above six of its eight key simple moving averages (SMAs) — including the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day SMAs — but remains below the 150-day and 200-day Relative Strength Index (RSI) stands at 60.8, suggesting that the stock is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 13.5 and continues to trade above both the centerline and the signal line, reinforcing the ongoing bullish trend. Also Read: 10 Nifty smallcaps with up to 29 buy calls; analysts see up to 26% upside (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
India.com
29-06-2025
- Business
- India.com
Tata Steel Gets GST Show-Cause Notice Over Alleged Rs 1,000 Crore Tax Credit Irregularity
Mumbai: Tata Steel on Sunday said it has received a show-cause-cum-demand notice from the tax department over an alleged irregular use of input tax credit worth over Rs 1,000 crore for the financial years 2018-19 to 2022-23. In a filing to the stock exchanges, the company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, on June 28. "On June 28, Tata Steel Limited received a Show Cause cum demand Notice dated June 27, issued by the Office of the Commissioner (Audit), Central Tax, Ranchi, proposing to disallow/demand primarily on account of alleged irregular availment of Input Tax Credit in contravention of the provisions of Section 74(1) of the Central Goods and Services Tax Act, 2017/State Goods and Services Act, 2017 read with Section 20 of the Integrated Goods and Services Tax Act, 2017, for the period FY2018-19 through FY2022-23," the firm said in its filing. The tax authority asked Tata Steel to explain, within 30 days, why the GST amounting to Rs 1,007.54 crore should not be demanded and recovered from the company. The explanation has to be submitted before the Additional or Joint Commissioner of Central GST & Central Excise in Jharkhand's Jamshedpur. According to the notice, Tata Steel allegedly claimed input tax credit in violation of the GST rules -- specifically Section 74(1) of the Central Goods and Services Tax Act, 2017, and Section 20 of the Integrated Goods and Services Tax Act, 2017. Tata Steel clarified that it has already paid Rs 514.19 crore as GST in the normal course of business. This amount is proposed to be adjusted in the notice, reducing the company's actual tax exposure to about Rs 493.35 crore. The company has said it believes the notice is without merit and will present its case before the authorities within the given deadline. Tata Steel also stated that this matter does not affect its financial, operational, or other business activities. Under the GST system, businesses can claim input tax credit on the taxes paid for purchases used in the production of goods or services. This credit helps in reducing their overall tax liability.
Mint
10-06-2025
- Business
- Mint
Schloss Bangalores arm Tulsi Palace Resort gets ₹4.66 cr tax demand notices
New Delhi, Jun 10 (PTI) Brookfield-backed Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, on Tuesday said its subsidiary has received show cause notices from the Central GST department, Jaipur raising a tax demand of ₹ 4.66 crore for alleged violations of various taxation norms. The show cause notices issued to Tulsi Palace Resort Private Limited (TPRPL), a material subsidiary of the company, is for alleged violations pertaining to wrongful adjustment of tax liability and non-payment of IGST on import of services under reverse charge mechanism. In a regulatory filing, Schloss Bangalore said it "will file an appropriate response before the adjudicating authority" on the show cause notices issued to TPRPL. "TPRPL, a material subsidiary of the company, has received show cause notices under sections 73 and 74 of the Central Goods and Services Tax Act, 2017, read with the corresponding provisions of the State Goods and Services Tax Act, 2017 and the Integrated Goods and Services Tax Act, 2017, raising an aggregate demand amounting to ₹ 4.66 crore (excluding interest and penalty) for certain alleged violations," it said. The tax demand has been raised by the Office of the Commissioner, Central Goods and Service Tax Audit Commissionerate, Jaipur. " received the show cause notices for alleged (i) wrongful adjustment of tax liability in table 5O of Form GSTR-9C during the financial years 2021-22 and 2022-23; and (ii) non-payment of IGST on import of services under reverse charge mechanism during the financial years 2018-19 to 2022-23," Schloss Bangalore stated.
Mint
10-06-2025
- Business
- Mint
Schloss Bangalores arm Tulsi Palace Resort gets ₹4.66 cr tax demand notices
PTI Published 10 Jun 2025, 02:07 PM IST New Delhi, Jun 10 (PTI) Brookfield-backed Schloss Bangalore, which operates Leela Palaces Hotels and Resorts, on Tuesday said its subsidiary has received show cause notices from the Central GST department, Jaipur raising a tax demand of ₹ 4.66 crore for alleged violations of various taxation norms. The show cause notices issued to Tulsi Palace Resort Private Limited (TPRPL), a material subsidiary of the company, is for alleged violations pertaining to wrongful adjustment of tax liability and non-payment of IGST on import of services under reverse charge mechanism. In a regulatory filing, Schloss Bangalore said it "will file an appropriate response before the adjudicating authority" on the show cause notices issued to TPRPL. "TPRPL, a material subsidiary of the company, has received show cause notices under sections 73 and 74 of the Central Goods and Services Tax Act, 2017, read with the corresponding provisions of the State Goods and Services Tax Act, 2017 and the Integrated Goods and Services Tax Act, 2017, raising an aggregate demand amounting to ₹ 4.66 crore (excluding interest and penalty) for certain alleged violations," it said. The tax demand has been raised by the Office of the Commissioner, Central Goods and Service Tax Audit Commissionerate, Jaipur. " received the show cause notices for alleged (i) wrongful adjustment of tax liability in table 5O of Form GSTR-9C during the financial years 2021-22 and 2022-23; and (ii) non-payment of IGST on import of services under reverse charge mechanism during the financial years 2018-19 to 2022-23," Schloss Bangalore stated. "TPRPL will file an appropriate response before the adjudicating authority. The show cause notices have no material impact on the financial, operation and other activities of the company," it added.
