LI Network
Published on: October 6, 2023 at 16:08 IST
Tata Steel reported on Thursday that its subsidiary, Tinplate Company of India Limited (TCIL), has been issued a tax notice imposing a penalty of approximately Rs 40 lakhs in relation to a demand order related to the fiscal year 2016-17.
Tata Steel made this disclosure in a regulatory filing, stating that the demand order is currently under appeal before the Commissioner of Commercial Taxes in Ranchi.
On October 4, 2023, TCIL received an order from the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle, Jamshedpur, which imposed a penalty of approximately Rs 3,986.78 lakh on TCIL.
This penalty is linked to an earlier demand order issued by the Deputy Commissioner of Commercial Taxes, Jamshedpur, pertaining to the fiscal year 2016-17.
Tata Steel, a leading domestic steel company, holds a majority stake in TCIL, headquarter in Kolkata and specializes in tinplate production.
TCIL operates from its facility in Jamshedpur, Jharkhand, serving 40 percent of the domestic market and exporting 15-20 percent of its sales to various global markets.
