Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

BASF India gets Rs 46 crore tax notice from Karnataka govt

The company said that it had earlier got demand notices from the Commercial Tax Department, Karnataka, aggregating to Rs 620.93 crore (including interest and penalty) for the periods 2006-2007 to 2014-2015 by treating the stock transfers of the company's Mangalore plant as interstate sales to dealers.

July 09, 2020 / 05:07 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Chemicals maker BASF India Ltd on Thursday said it has received a tax demand notice of Rs 46 crore from the Karnataka government.

The company said that it had earlier got demand notices from the Commercial Tax Department, Karnataka, aggregating to Rs 620.93 crore (including interest and penalty) for the periods 2006-2007 to 2014-2015 by treating the stock transfers of the company's Mangalore plant as interstate sales to dealers.

BASF also said that it got a stay order from Karnataka Appellate Tribunal on recovery of demand for the periods 2006-2007 to 2010-2011 and 2014-2015.

"The Company has now received a demand notice for the further period i.e. 2015-2016 from Commercial Tax Department, Karnataka, aggregating to Rs 46.01 crore (including interest and penalty) by treating the stock transfers of its Mangalore Plant as interstate sales to dealers," BASF India said in a regulatory filing.

The company is in the process of filing its detailed reply/submission/appeals in response to the demand notice, it added.

"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," the filing said.

PTI
first published: Jul 9, 2020 04:55 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347