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| Exchange Disseminated Time | BGR Energy Systems Ltd has submitted to BSE a copy of Clarification on the media reports.
Clarification:
"There has been reports in certain sections of the media that Income Tax Department has asked the Company to pay Rs. 107 crore as additional tax related to 12 of its projects. Responding to the media queries, Mr. P R Easwar Kumar, President & Chief Financial Officer has clarified that there is no demand from the Income Tax department and that the report is false. 8ut the Company has received a show cause notice from the Central Excise department claiming additional service tax by wrongly combining supply portion contract and service portion contract. The Company has 30 days time period to respond to the notice. The Company has already paid the service tax on the service portion and no tax is applicable on the supply portion of these contracts.
The Company is confident that there will not be any liability of service tax of Rs. 107 crore that has been claimed by the Central Excise department." |
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