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| Exchange Disseminated Time 02/11/2015 17:25:46 | Castrol India Ltd has informed BSE that the Company has received an order from Maharashtra Sales Tax Department for the financial year 2009-10, demanding Rs. 255 crores towards sales tax (including interest).
While the Company is reviewing the order in detail, the demand pertains to sale of goods made by the Company in the states other than Maharashtra, where applicable taxes have been paid as per the provisions of law. The Company's tax payment methodology in respect of the goods sold is adequately supported by robust legal grounds/precedents and in Company's opinion the said demand is unjustified.
The Company is operating within the laws of the country and pays sales tax in a state in which the goods are sold. The Company is committed to fully co-operate with the authorities, while seeking appropriate legal recourse to justify and validate its position. |
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