Tata Steel's TCIL Slapped with Rs 40 Lakh Tax Penalty

6 Oct 2023 , 11:29 AM

Tata Steel announces tax penalty on its subsidiary, Tinplate Company of India Limited (TCIL), related to the 2016-17 fiscal year. TCIL received a tax penalty notice of approximately Rs 40 lakh on October 4, 2023, from the Deputy Commissioner of Commercial Taxes, Jamshedpur Circle.

The penalty is in connection with an earlier demand order from the same fiscal year, and TCIL is currently appealing the order before the Commissioner of Commercial Taxes, Ranchi.

TCIL, a tinplate producer based in Kolkata and majority-owned by Tata Steel, serves 40% of the domestic market and exports 15-20% of its sales to global markets from its Jamshedpur plant in Jharkhand.

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