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BGR Energy Systems has disputed a claim of the Central Excise Department, which believes that the company owes it a sum of Rs 107 crore.
“The company is confident that there will not be any liability of service tax of Rs 107 crore as has been claimed by the Central Excise Department,” Mr P R Easwar Kumar, President & Chief Financial Officer, BGR Energy, has said in a press release.
The department has sent the company a show-cause notice claiming additional service tax. BGR Energy feels that the department is in error for having combined supply portion of a contract with the service portion of the contract.
Chennai-based BGR Energy mainly manufactures ‘balance of plant' for thermal power projects. The company also provides ‘engineering, procurement, construction' service to entities that wish to put up thermal power projects.
On the NSE today, the BGR Energy share closed at Rs 328, which was Rs 4.55, or 1.41 per cent, higher than the previous close.
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