JSW Steel Limited — Important, 03-01-2025: General Updates

JSW Steel has received a tax demand of ₹1.29 crore along with interest and penalties amounting to ₹1.24 crore and ₹1.29 crore, respectively, from the GST Department pertaining to the financial year 2017-18. The demand relates to the Input Tax Credit (ITC) where the company performed monthly reversals that exceeded annual requirements, leading to a re-claim of excess ITC in July 2019. This re-claim was disallowed based on the allegation that it was beyond the permitted time limit. However, the company disputes this, citing legal precedents that suggest no time limit exists for reclaiming reversed ITC and maintains that it has complied appropriately with disclosure requirements. The company intends to appeal the decision and confirms that there will be no impact on its financials or operations.