Usha Martin fined for claiming wrong cenvat credit

Usha Martin Ltd has received an order from the Deputy Commissioner, Circle-A, Zone-IV, Jaipur, imposing penalty and interest alleged or claiming wrong cenvat credit.

According to the stock exchange filing, the order pertains to claiming non-verified input tax credit (ITC) as transitional credit under the CGST Act, 2017, to pay ₹24,32,240 as GST under Section 73 of the CGST Act.

• Also read: Vedanta to appeal against SEBI order levying ₹78 crore penalty

The order further levies an interest of ₹28,09,237 under Section 50 and a penalty of ₹2,43,224 under sub-section 9 of Section 73 of the CGST Act, 2017.

The company’s stock closed at ₹298.50 on the NSE, higher by 1.67 per cent on Friday’s trade.