Escorts Kubota gets Rs.22.95 Lakh Penalty Order along with Interest for delayed Payment of IGST

Escorts Kubota gets Rs.22.95 Lakh Penalty Order along with Interest for delayed Payment of IGST

The Joint Commissioner of GST in Faridabad (Haryana) has issued an order against Escorts Kubota Limited under the Goods and Services Tax Act, confirming a penalty and applicable interest for delayed payment of IGST liability under the reverse charge mechanism, according to the exchange filing.

The order confirms the penalty of Rs.22,95,128, combined with the relevant interest on the account. The company plans to file an appeal against the order recieved.

Escorts Kubota’s shares closed at Rs.4076.90 on the BSE, up Rs.260.15, or 6.82%.

Escorts Kubota Limited is a leading engineering company that has been incorporated since 1945. The company operates in a variety of industries, including construction equipment, railway equipment, auto components, and agricultural machinery. The company’s products include tractors, excavators, cranes, and harvesters. It is also well-known for its prominent brands, which include Kubota, Escorts, and JCB.