Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
In a case involving lump sum purchases of iron ore, the Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal found that the mine lease holder, not the customer, is responsible for paying service tax on minerals that are auctioned. This decision offered relief to JSW Steel.
JSW Steel had bought 16,000 tonnes of iron ore lumps from Sesa Sterlite in an e-auction conducted by a monitoring committee established by the SC for the sale of minerals in Karnataka's Bellary, Chitradurga and Tumkur districts .
The revenue department had claimed that since JSW had received services from the monitoring committee, it was liable to pay service tax under the reverse charge mechanism.
Subsequently, the GST and central excise commissioner also held that JSW Steel, and not Sesa Sterlite, was liable to pay the service tax of ₹5 crore. This prompted the company to approach the appellate tribunal, which delivered its verdict last week.
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