Rane Holdings Subsidiary Receives ₹10.07 Crore GST Show Cause Notice
Rane Steering Systems Private Limited, a wholly owned subsidiary of Rane Holdings Limited, received Show Cause Notices for ineligible ITC. The notices relate to FY23 and FY24, with expected financial implications of ₹10.07 Crores, including a penalty of ₹0.92 Crores. RSSL will file a reply.
The notice involves a substantial amount of ₹10.07 Crores, which could impact the subsidiary's financials. However, the company plans to contest it, mitigating the immediate impact.
The company's subsidiary has received a show cause notice with significant financial implications, including a penalty, indicating a negative development.
Rane Holdings Limited (RHL) announced that its wholly owned subsidiary, Rane Steering Systems Private Limited (RSSL), has received Show Cause Notice(s) from the Assistant Commissioner (ST), Royapettah, South — I, Chennai.
The notices pertain to the claim of ineligible Input Tax Credit (ITC) under Section 17(5) of the GST Act, 2017, for the financial years 2022-23 and 2023-24.
The expected financial implications for RSSL amount to ₹10.07 Crores, which includes a penalty of ₹0.92 Crores. RSSL, in consultation with its consultants and tax advisors, will be filing a suitable reply before the appropriate authority within the prescribed timelines.
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