Tata Steel stocks will remain in focus as the company received a show cause-cum-demand notice from the tax department over an alleged irregular availment of input tax credit (ITC). This amounts to over Rs 1,000 crore for the financial years 2018-19 to 2022-23.
The company said that the notice was issued by the Office of the Commissioner (Audit), Central Tax, Ranchi. It asks the company to explain within 30 days why Goods and Services Tax (GST) worth Rs 1,007.54 crore should not be recovered, said Tata Steel in a regulatory filing.