BASF India receives tax demand of Rs 19.34 cr

14 Apr 2022 , 11:40 AM

BASF India has received a tax demand for Rs 19.34 crore including interest & penalty) for the tax period 2017-18 (April – June, 2017) from Commercial Tax Department, Karnataka.

Previously, the company had informed about the receipt of demand notices from the Commercial Tax Department, Karnataka aggregating to Rs. 744.67 crore (including interest and penalty) for the tax periods 2006-2007 to 2016-2017 by treating the stock transfers of the Companys Mangalore Plant as interstate sales to dealers and its subsequent stay by Honble Karnataka Appellate Tribunal on recovery of demand for the tax periods 2006-2007 to 2016-2017.

The Company is in the process of filing its detailed reply / submissions in response to the latest Demand Notice.

The Company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.

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