GAIL updates on Supreme Court order dismissing SLP filed by Gujarat Sales Tax Department

Gujarat Sales Tax Department raised a demand ofRs.3,449.18 crore and interest thereon Rs. l,513.04 crore, treating the transfer of Natural Gas from the State of Gujarat to other states, as inter-state sales, during the period from April 1994 to March 2001. Gujarat Sales Tax Tribunal passed the order dated 16.05.2005 in GAIL's favour and gave instructions for reassessment, considering inter-state transfer as branch transfer. Thereafter, Gujarat Sales Tax Department filed petition before the Hon'ble High Court Gujarat against the order of the Tribunal and the Hon'ble High Court vide Order dated 31.07.2018 has dismissed the petitions filed by the Gujarat Sales Tax Department. Thereafter, Gujarat Sales Tax Department filed Special Leave Petitions (SLP) before the Hon'ble Supreme Court against the order of the Hon'ble High Court. The Hon'ble Supreme Court vide order dated 28.04.2023 dismissed the SLP filed by the Gujarat Sales Tax Department. There will be no impact on the financial statements of the company.

Shares of GAIL (India) Limited was last trading in BSE at Rs. 107.25 as compared to the previous close of Rs. 109.20. The total number of shares traded during the day was 846567 in over 5208 trades.

The stock hit an intraday high of Rs. 109.20 and intraday low of 105.05. The net turnover during the day was Rs. 90258945.00.

Source : Equity Bulls

Keywords

GAILIndia INE129A01019 SLP Dismissed GujaratSalesTaxDepartment