PCBL Limited Announces Order Issued by Assistant Commissioner, GST (Central Tax), Sangareddy CGST Division
May 01, 2024 at 09:06 am
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PCBL Limited announced that an order has been issued by the Assistant Commissioner, GST (Central Tax), Sangareddy Division confirming a demand of INR 2,794,167 as tax with applicable interest & penalty of INR 279,416 during the period April 2018 to March 2019 & April 2020 to March 2021. The Company shall challenge the said Order by preferring an appeal before the Appellate Authority within the prescribed time limit and reasonably expects a favorable order to be passed by the said authority considering the case merits. Nature and details of the action(s) taken, initiated or order(s) passed: Issuance of an order-in-original towards confirming demand of tax of INR 2,794,167 along with applicable interest and penalty ? INR 279,416 in terms of Section 73(9) of the CGST/TGST Act, 2017 read with the corresponding provisions of IGST Act, 2017. Date of receipt of notice, direction
order, including any ad-interim or interim orders, or any other communication from the authority: April 30, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: Excess availment of input tax credit during the period April 2018 to March 2019 & April 2020 to March 2021.
PCBL Limited is an India-based carbon black manufacturer. The Company operates in the materials and specialty chemicals segment with a production capacity of approximately 7,70,000 metric tons per annum and generating 110 megawatts per hour of green power. It has a presence in over 50 countries. Its products include specialty chemicals, Tires and Performance Chemicals, Product Stewardship, and Safety Data Sheet (SDS). Specialty Chemicals are primarily used as a pigment in plastics, inks, coatings, and many other applications. This is also used for high technology applications such as fiber, rechargeable batteries, and premium automotive coatings. Its specialty chemicals-related product segments include fiber, food contact, pressure pipes, multi layered films, drip irrigation, inks and coatings, general pipes, films and moldings, and engineering plastics. The Companyâs plants are located at Durgapur (West Bengal), Palej (Gujarat), Mundra (Gujarat), and Kochi (Kerala).