GAIL said there will be no impact on the financial statements of the company
The Supreme Court on Monday dismissed Special Leave Petitions (SLP) filed by Gujarat Sales Tax Department against GAIL. Gujarat Sales Tax Department raised a demand of Rs.3,449.18 crore and interest thereon Rs. l,513.04 crore, treating the transfer of Natural Gas from the State of Gujarat to other states, as inter-state sales, during the period from April 1994 to March 2001.
Informing the same in a communication to exchanges, GAIL said there will be no impact on the financial statements of the company. Gujarat Sales Tax Tribunal passed the order dated 16.05.2005 in GAIL's favour and gave instructions for reassessment, considering inter-state transfer as branch transfer. Thereafter, Gujarat Sales Tax Department filed petition before the Hon'ble High Court Gujarat against the order of the Tribunal and the Hon'ble High Court vide Order dated 31.07.2018 has dismissed the petitions filed by the Gujarat Sales Tax Department. Thereafter, Gujarat Sales Tax Department filed Special Leave Petitions (SLP) before the Hon'ble Supreme Court against the order of the Hon'ble High Court.
The Hon'ble Supreme Court vide order dated 28.04.2023 dismissed the SLP filed by the Gujarat Sales Tax Department. There will be no impact on the financial statements of the company.
Register Now to Attend NextGen Chemicals & Petrochemicals Summit 2023 on 13-14 July 2023, Novotel Mumbai International Airport, Mumbai
Tamilnadu Petroproducts gets India's First BIS certification under IS 12795: 2020 for high-quality LAB Production
Creating policy and regulatory frameworks could accelerate the green hydrogen ecosystem: B. S. Bhalla
Subscribe To Our Newsletter & Stay Updated