Shares of CEAT Ltd tanked almost 10 per cent on Friday’s trade after the tyremaker on Thursday reported a 22 per cent dip in net profit with ₹102 crore for the quarter that ended in March against ₹132 crore reported during the same quarter last year.
As of 3.25 pm, the stock was down by 2.99 per cent at ₹2,544
In addition, the company has received orders of GST demand along with interest and/or penalty issued by the Superintendent, GST & Central Excise, Bhubaneswar, Odisha; and Assistant Commissioner, CSGT & CEX Division, Kanpur, Uttar Pradesh.
The GST Department has passed an order under Section 73 of the State Goods & Service Tax Act,2017 in the State of Odisha, for the Financial Year 2018-19, disallowing input tax credit of ₹9.50 lakh on account negative balance appearing in Table 8D of GSTR9 along with applicable interest and penalty of ₹0.95 lakh.
The GST Department’s order under Section 73 of the State Goods & Service Tax Act,2017 in the state of Uttar Pradesh, for the Financial Year 2018-19, pertains to disallowing input tax credit of ₹36.78 lakh on account of difference between GSTR2A Vs. GSTR3B and ₹0.92 lakh on account of ineligible input tax credit along with the applicable interest and penalty of ₹3.77 lakh.