Hurdles & Hope: JTEKT India’s Tax Challenges Set the Stage for a Resilient Comeback

Image Source: Business Upturn

JTEKT India Limited received a string of tax-related notifications and orders that mirror the persisting scrutiny from tax authorities alongside the company's dedication to staying compliant with rules and maintaining openness with stakeholders.

Key Highlights:

Recent Tax Order: JTEKT India was issued a tax order consisting of additions and disallowances amounting to ₹220.04 million. Consequently, the company is now subject to a definite tax demand of ₹75 million. These steps are the outcome of the authorities' examination of specific transactions and tax positions for the applicable assessment period.
GST-Related Disallowances: JTEKT India received an order from the Office of the Commissioner of Central Goods & Services Tax, Gurugram, disallowing input tax credit to the tune of ₹143.7 million and levying a penalty of ₹287.4 million under Section 74 of the CGST Act, along with interest, if any. The order pertains to the GST applicability on expatriate services under the reverse charge mechanism. JTEKT India is set to appeal this order, reiterating its confidence in the correctness of its tax positions.
Show Cause Notice: The company also received a show cause notice for unassessed transactions from an erstwhile subsidiary, but clarified that this has no immediate financial or operational consequence and is being dealt with through proper channels.
Company's Stand: JTEKT India has reaffirmed its determination to adhere to due legal process, ensure transparency, and safeguard the interests of stakeholders. The firm is working with authorities and shall press all remedies available to it, including appeals where necessary.

JTEKT India continues to remain committed to compliance and ethical governance while facing these regulatory issues.

Sources: Marketscreener, Business Upturn, Reuters

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