APL Apollo Tubes Receives Tax Demand Order of 5.84 Million Rupees

APL Apollo Tubes Limited, a leading structural steel tubes manufacturer in India, has received a tax demand order from the State Tax Officer. The order, issued under Section 74 of the CGST Act, 2017, pertains to the fiscal year 2019-2020. The company is required to pay a tax amount of 2.92 million rupees, along with an equal penalty of 2.92 million rupees, totaling 5.84 million rupees. This development comes as the company has been focusing on market share gains and improving its working capital cycle. APL Apollo Tubes has been a dominant player in the structural steel category, with a market share of 40% in FY20.

 

Source: Business Standard