The chemical maker received a revised demand notice from commercial tax department, Karnataka for Rs 85.77 crore for 2014-15 period.
BASF India has received a revised demand notice from the commercial tax department, Karnataka, aggregating to Rs 85.77 crore (including interest & penalty) for the period 2014-2015.The revised tax notice is higher than the earlier notice of Rs 82.74 crore, mainly after considering C-Forms submitted by the company and re-computation of interest.
The Karnataka Appellate Tribunal had already granted stay on the recovery of demand pertaining to period 2014-15.
The company, based on the legal assessment, does not consider these stock transfers as interstate sales and is taking all the necessary legal steps to defend the matter.
The company had earlier informed about the demand notices from the commercial tax department, Karnataka, aggregating to Rs 666.94 crore (including interest and penalty) for the periods 2006-2007 to 2015-2016 by treating the stock transfers of the company's Mangalore plant as interstate sales to dealers and its subsequent stay by Karnataka Appellate Tribunal on recovery of demand for the periods 2006-2007 to 2010-2011, 2012-2013 and 2014-2015.
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BASF India reported a net loss of Rs 29.15 crore in Q1 June 2020 as against net profit of Rs 8.20 crore in the corresponding period last year. Net sales rose 9.7% to Rs 1,765.98 crore in Q1 June 2020 from Rs 1,609.46 crore Q1 June 2019.
BASF India is engaged in providing chemicals, plastics, performance products and crop protection products.
Shares of BASF India rose 0.85% to Rs 1,429.95 on BSE. The scrip zoomed 79.86% from its 52-week low of Rs 795 hit on 13 March 2020.
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