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Blue Star gains on its plan to challenge Rs 135.72 crore service tax order

03 May 2016

Blue Star is currently trading at Rs. 423.60, up by 4.20 points or 1.00% from its previous closing of Rs. 419.40 on the BSE.

The scrip opened at Rs. 419.00 and has touched a high and low of Rs. 426.00 and Rs. 410.00 respectively. So far 12,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 444.00 on 26-Apr-2016 and a 52 week low of Rs. 299.75 on 06-May-2015.

Last one week high and low of the scrip stood at Rs. 438.00 and Rs. 410.00 respectively. The current market cap of the company is Rs. 3,810.00 crore.

The promoters holding in the company stood at 39.46% while Institutions and Non-Institutions held 28.83% and 31.71% respectively.

Blue Star will be challenging Rs 135.72 crore service tax and penalty order at an appropriate forum in accordance with law and is confident about a positive outcome. The company strongly believes that the said order is being erroneous by tax authorities based on the advice received from its tax advisors.

The air-conditioner and commercial refrigeration maker has received an order from the Principal Commissioner of Service Tax-1, Commissionerate, Kolkata holding that there has been alleged short payment of service tax amounting to around Rs 67.86 crore during the period FY 2007-08 to FY 2011-12. The Commissioner has also imposed penalty of Rs 67.86 crore equal to the tax demand under section 78 of the Finance Act, 1994 apart from interest (not quantified in the order) to be paid in terms of section 75 of the Finance Act, 1994 on the tax demanded.

Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.

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