Latest news with #SGST
Time of India
a day ago
- Business
- Time of India
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 crore. The notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July 1. According to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B returns. The total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount claimed. Of the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under SGST. Live Events SBI Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable outcome. SBI Cards share price target According to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 analysts. In the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Business Standard
a day ago
- Business
- Business Standard
June GST collection up 6.2% YoY to ₹1.85 trillion, but dips from May, April
The Goods and Services Tax (GST) collection in June came in at ₹1.85 trillion, reflecting a 6.2 per cent year-on-year (y-o-y) rise, according to government data. However, the June collections marked a decline when compared to the previous month. In May 2025, the Centre collected ₹2.01 trillion, while April witnessed a record-high GST revenue of ₹2.37 trillion. According to official data, domestic transactions contributed approximately ₹1.38 trillion in gross revenue in June, marking a 4.6 per cent increase over the same period last year. Revenue generated from imports also saw an upswing, growing by 11.4 per cent to reach ₹45,690 crore. Breakdown: Central GST (CGST): ₹34,558 crore, State GST (SGST): ₹43,268 crore Integrated GST (IGST): ₹93,280 crore. Revenue from cess: ₹13,491 crore Meanwhile, total refunds issued during the month rose significantly—by 28.4 per cent y-o-y—to ₹25,491 crore, reported PTI. The net GST revenue after refunds was approximately ₹1.59 trillion, representing a 3.3 per cent increase compared to June last year. Reacting to GST collections, Pratik Jain, partner PwC said that it indicates a softening of demand and cautious outlook. 'Around 6 per cent growth in GST collections, coupled with less than 4 per cent growth in advance tax collection for first quarter of FY 26 does indicate softening of demand and cautious outlook. One of the reasons could be conservative spending by the consumers which may improve in next couple of months with overall geopolitical situation improving," Jain said.
Time of India
2 days ago
- Business
- Time of India
Hindustan Zinc contributes nearly ₹90,000 crore to exchequer over five years
Hindustan Zinc has reported a total contribution of ₹18,963 crore to the public exchequer in FY25, according to its 8th Tax Transparency Report released this week. The company's total contribution over the past five financial years now stands at ₹87,616 crore. The company stated that this year's figure represents 56 per cent of its revenue from operations and marks a 44% increase compared to the previous year. Despite volatility in global markets and fluctuations in metal prices, Hindustan Zinc said it remains focused on fiscal compliance and public contribution. The report includes detailed disclosures of various tax and statutory payments made between FY21 and FY25. These include: Government royalties & levies: ₹18,191 crore, comprising payments to the Rajasthan government, the District Mineral Foundation (DMF), and the National Mineral Exploration Trust. Taxes on income: ₹12,393 crore, based on statutory corporate income tax filings. Corporate dividends to the Government of India: ₹21,627 crore. Indirect taxes: ₹27,500 crore, including CGST, SGST, and IGST collected from sales. The company said it contributes an average of ₹3,600 crore annually to the State of Rajasthan. An independent assurance of the report was conducted by a Big 4 audit firm to verify the disclosures, which the company claims reinforces its governance practices. Operational metrics The reported financial contribution coincides with what the company described as key operational achievements in FY25. These include mined metal production of 1,095 KT and refined metal production of 1,052 KT. The company reported a zinc production cost of $1,052 per metric tonne—its lowest in four years. Hindustan Zinc also reported surpassing 13.1 million tonnes in metal reserves (net of 1.2 Mt production), with a maintained mine life of over 25 years. The company said its tax transparency disclosures are part of its broader ESG framework . It has been recognised by the S&P Global Corporate Sustainability Assessment as the top-ranked metals and mining firm globally for the second year running.
Mint
4 days ago
- Business
- Mint
Mahindra Holidays receives ₹363 crore tax demand notice; stock to be in focus on Monday
Mahindra Group's hotel chain subsidiary, Mahindra Holidays & Resorts India Ltd, on 28 June 2025, received a state tax notice along with a show cause demand from the State Tax Officer of Tamil Nadu, according to an exchange filing on Sunday, 29 June 2025. The State Tax Officer of Tamil Nadu has demanded a show cause state GST demand notice asking for over ₹ 363.07 crore ( ₹ 363,07,96,980) from the company under the provisions of the TNGST Act 2017 and CGST Act, 2017. The state tax demand notice is for the financial year 2018-19. The filing also highlights that the tax authority has imposed more than ₹ 181.53 crore ( ₹ 181,53,98,490) in tax demand, along with ₹ 181.53 crore ( ₹ 181,53,98,490) in penalties for the same on account of the reporting of IGSST on club membership services instead of CGST and SGST. The company also allegedly decreased the IGST payment since August 2023 after changing the registered office of the firm, according to the BSE filing. 'The company has received a demand Show Cause Notice from the Authority for F.Y. 2018-19 demanding INR 363,07,96,980 (Tax – ₹ 181,53,98,490 and Penalty – ₹ 181,53,98,490) under applicable provisions of TNGST Act, 2017 & CGST Act, 2017 on account of reporting of IGST on club membership services instead of CGST and SGST and sudden decrease of IGST payment since August 2023 after the change in registered office of the company,' claimed the tax authority, according to the exchange filing. According to the filing data, the company plans to take appropriate steps to pursue legal action with regard to the state tax demand notice and said that they do not expect a 'material financial impact' on the company. 'The Company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard,' said Mahindra Holidays in the BSE filing. Club Mahindra or Mahindra Holidays & Resorts India shares closed 0.22% higher at ₹ 339.80 after Friday's stock market session, compared to ₹ 339.05 at the previous market close. The company received the tax notice over the weekend when the Indian stock market was closed. Mahindra Holidays shares have given stock market investors more than 184% returns on their investment in the last five years. However, the stock is down 26.19% in the last one-year period. On a year-to-date (YTD) basis, the shares were down 8.28% in 2025, but are currently trading 2.15% higher as of the end of the last five stock market sessions. Shares of the Mahindra Group hotel chain subsidiary hit their 52-week high level at ₹ 494.95 on 25 July 2025, while the 52-week low level was at ₹ 241 on 7 April 2024, according to BSE data. The company's market capitalisation (M-Cap) stood at ₹ 6,864.54 crore as of the stock market close on Friday, 27 June 2025. Read all stories by Anubhav Mukherjee
Mint
4 days ago
- Business
- Mint
Mahindra Holidays receives ₹363 crore tax demand notice; stock to be in focus on Monday
Mahindra Group's hotel chain subsidiary, Mahindra Holidays & Resorts India Ltd, on 28 June 2025, received a state tax notice along with a show cause demand from the State Tax Officer of Tamil Nadu, according to an exchange filing on Sunday, 29 June 2025. The State Tax Officer of Tamil Nadu has demanded a show cause state GST demand notice asking for over ₹ 363.07 crore ( ₹ 363,07,96,980) from the company under the provisions of the TNGST Act 2017 and CGST Act, 2017. The state tax demand notice is for the financial year 2018-19. The filing also highlights that the tax authority has imposed more than ₹ 181.53 crore ( ₹ 181,53,98,490) in tax demand, along with ₹ 181.53 crore ( ₹ 181,53,98,490) in penalties for the same on account of the reporting of IGSST on club membership services instead of CGST and SGST. The company also allegedly decreased the IGST payment since August 2023 after changing the registered office of the firm, according to the BSE filing. 'The company has received a demand Show Cause Notice from the Authority for F.Y. 2018-19 demanding INR 363,07,96,980 (Tax – ₹ 181,53,98,490 and Penalty – ₹ 181,53,98,490) under applicable provisions of TNGST Act, 2017 & CGST Act, 2017 on account of reporting of IGST on club membership services instead of CGST and SGST and sudden decrease of IGST payment since August 2023 after the change in registered office of the company,' claimed the tax authority, according to the exchange filing. According to the filing data, the company plans to take appropriate steps to pursue legal action with regard to the state tax demand notice and said that they do not expect a 'material financial impact' on the company. 'The Company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard,' said Mahindra Holidays in the BSE filing. Club Mahindra or Mahindra Holidays & Resorts India shares closed 0.22% higher at ₹ 339.80 after Friday's stock market session, compared to ₹ 339.05 at the previous market close. The company received the tax notice over the weekend when the Indian stock market was closed. Mahindra Holidays shares have given stock market investors more than 184% returns on their investment in the last five years. However, the stock is down 26.19% in the last one-year period. On a year-to-date (YTD) basis, the shares were down 8.28% in 2025, but are currently trading 2.15% higher as of the end of the last five stock market sessions. Shares of the Mahindra Group hotel chain subsidiary hit their 52-week high level at ₹ 494.95 on 25 July 2025, while the 52-week low level was at ₹ 241 on 7 April 2024, according to BSE data. The company's market capitalisation (M-Cap) stood at ₹ 6,864.54 crore as of the stock market close on Friday, 27 June 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
