The GST Enforcement team in Barbil has served a notice to JSW Steel Limited in Keonjhar for alleged irregularities in the companies Goods and Services Tax (GST) payment to the government between April 2020 and March 2021.
According to the notice, JSW Steel Limited had to pay an amount of Rs 602.81 to the Central and the State governments towards GST for the period between April 2020 and March 2021. However, the company has paid only Rs 401,16,88,000. Moreover, the company has allegedly utilised a portion of the same wrongfully, read the notice.
“It was revealed that during the period from April 2020 -March 2021, JSW Steel Limited, Barbil Odisha instead of utilising the entire CGST and SGST, ie. Rs 602.81 crores paid on RCM towards bid premium DMF, NMET, NPV etc against the output tax liability, it has utilised a portion of the same and has wrongfully and illegally transferred the ITC amounting to Rs 401,16,88, 016 (relating SGST/CGST paid on bid premium) to its ISD (Input Service Distribution,” read the notice.
The company has been advised to pay the amount of the tax along with the amount of applicable interest by today falling which show cause notice will be issued under Section 73 (1) of the act.