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Tata Steel announced on Sunday that it has received a show cause-cum-demand (SCN) notice from tax authorities regarding an alleged irregularity in availing input tax credit exceeding Rs 1000 crore during the financial years 2019 to 2023. According to the notice received on Saturday the steel major is required to show cause before the Additional/ Joint Commissioner of Central GST & Central Excise Jamshedpur Jharkhand within 30 days as to why the Goods and Service Tax (GST) amounting to Rs 10075483342 for the period FY2018-19 through FY2022-23 shall not be demanded and recovered from the company Tata Steel said in a stock exchange filing. The notice issued by the Office of the Commissioner (Audit) Central Tax Ranchi on June 27 said the input tax credit was availed in contravention of the provisions of Section 74(1) of the Central Goods and Services Tax Act 2017/State Goods and Services Act 2017 (CGST/SGST) read with Section 20 Integrated Goods and Services Tax Act 2017. The company said it has already paid a GST of Rs 5141936211 in the normal course of business. The above GST amount is proposed to be appropriated in the notice and therefore alleged GST exposure is Rs 4933547131 only the filing said. The company said it believes that the notice has no merits and the company shall make its submissions before the appropriate forum within the given timelines. There is no impact on financial operational or other activities of the company arising from the said SCN it added. Under GST norms enterprises are allowed credits in input tax on purchases meant for outputs which they can claim in the form of deductions in their tax liabilities.  (With Inputs From PTI)