SC upholds Gujarat’s Rs 480-cr tax declare on ArcelorMittal Nippon Steel

Upholding the Gujarat tax division’s levy of Rs 480 crore buy tax on ArcelorMittal Nippon Steel India (erstwhile Essar Steel), the Supreme Court on Friday held that the corporate was not entitled to any exemption from cost of the tax because it violated the 1992 incentive coverage.
A Bench put aside the Gujarat High Court’s May 2016 judgment that had upheld the Gujarat Value Added Tax Tribunal’s order that held Essar Steel (ESL) was entitled to the exemption from cost of buy tax.