Date: October 2, 2026

Regulatory Update on GST Matter

Background of the Case

  • The company had previously disclosed on February 4, 2025, about receiving an assessment order dated January 28, 2025, from the Deputy Commissioner, Ranchi South Division (GST Authority)
  • The order was issued under Section 74 of the Jharkhand State Goods and Services Tax Act, 2017, read with relevant sections of CGST Act, 2017 and IGST Act, 2017
  • The original order imposed a penalty of ₹32.50 lakh and interest of ₹8.46 lakh for alleged non-payment of interest on reversal of GST Input Tax Credit in Form GSTR-3B for FY 2017-18

Appellate Outcome

  • The company received a favorable order from the Office of the Commissioner (Appeals), Central Goods and Service Tax & Central Excise, Ranchi, Jharkhand (Appellate Authority)
  • The appeal order was received on October 1, 2026, at 12:05 p.m.
  • The Appellate Authority annulled the original Assessment Order in its entirety
  • The penalty amount of ₹32.50 lakh was completely waived
  • The interest amount was reduced from ₹8.46 lakh to ₹1.28 lakh
  • The revised interest amount of ₹1.28 lakh has already been discharged by the company during the appellate proceedings

Financial Impact Assessment

  • The financial impact is limited solely to the relief granted (waiver of ₹32.50 lakh penalty) and the reduced interest amount paid (₹1.28 lakh)
  • There is no other impact on the operational, financial, or other activities of the company