ZF Commercial Vehicle Control Systems India resolves ITC dispute, avoiding Rs 1.97 crore IGST recovery

ZF Commercial Vehicle Control System India Ltd. is down 4.27% to Rs 2241.0 today, adding to recent declines that have seen the stock fall 4.46% over the last week.

ZF Commercial Vehicle Control Systems India Limited, formerly WABCO India Limited, announced that the Hon’ble Office of the Commissioner (Appeals) has issued a favourable order setting aside a previous demand for excess/irregular/ineligible Input Tax Credit (ITC) related to Financial Year 2020-21. The appellate authority dropped proceedings related to the recovery of Rs 1,79,04,715 in IGST and a penalty of Rs 17,90,472 previously imposed by the Office of the Commissioner of CGST & Central Excise, Jamshedpur, noting the company demonstrated no excess ITC availment with supporting documentation; the company confirmed the order has no material financial implications.

Trading volume reached 1.55 lakh shares today, a decrease of 5.56% from the average volume over the past one week. ZF Commercial Vehicle Control System India Ltd marginally improved 2.91% year-over-year, outperforming the 9.72% loss registered by the NIFTY50 index.