JSL Industries Limited has received a favorable ruling in a service tax case, with the entire demand including interest and penalty being dropped by the tax authorities. The company disclosed this development to BSE Limited on March 14, 2026, pursuant to regulatory requirements under SEBI listing obligations.

Order Details and Background

The Superintendent Range-IV, Division-VIII, Anand CGST and Central Excise, Vadodara-1 Commissionerate passed the order dated March 13, 2026, following the Hon'ble CESTAT Final Order No. 12598/2024 in Service Tax case No. SERVICE TAX/0012088/2019. The case was remanded back to the Superintendent for denovo adjudication by CESTAT Ahmedabad.

Nature of the Dispute

The service tax dispute centered around legal and professional expenses recorded in the company's books of account. The department's case was that JSL Industries was liable to pay service tax under Section 68(2) of the Finance Act, 1994, read with Notification No. 30/2012-ST dated June 20, 2012, under the reverse charge mechanism for expenditure booked under legal and professional fees.

Financial Impact

The company has explicitly stated that there are no financial implications arising from this order. The entire demand including interest and penalty has been dropped by the Superintendent, with the order passed in favor of JSL Industries. This represents a complete victory for the company in the service tax dispute.

Regulatory Compliance

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155/2024 dated November 11, 2024. The information was communicated to BSE Limited by Company Secretary & Compliance Officer Yogiraj Hemant Atre.

This favorable outcome eliminates any potential financial burden on JSL Industries related to the service tax case and provides clarity on the company's tax position regarding legal and professional expenses.

JSL Industries Limited announced securing a prestigious order worth Rs. 1.51 crores (excluding GST) from Gujarat Energy Transmission Corporation Limited (GETCO) on March 10, 2026. The order was awarded to the company's Instrument Transformer Division for the supply of 66KV Class Current Transformer (CT) equipment.

Order Details and Specifications

The contract encompasses the supply of specialized electrical equipment with comprehensive service inclusions. The order details are structured as follows:

Commercial Terms and Conditions

The agreement includes favorable commercial terms for JSL Industries with comprehensive coverage:

• Inclusive Services: Packing & forwarding, freight, and insurance costs are included in the contract value
• Payment Structure: Terms aligned with commercial conditions specified in e-procurement guidelines
• GST Treatment: Goods and Services Tax charged separately as per applicable rates

Guarantee and Support Framework

The contract establishes a robust guarantee framework ensuring long-term reliability:

Regulatory Compliance

JSL Industries filed the announcement under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), 2015, ensuring full regulatory compliance. The company confirmed that no promoter group entities have interests in the awarding organization, and the transaction does not constitute a related party arrangement.

Business Impact

This order reinforces JSL Industries' position in the electrical equipment manufacturing sector, particularly in the instrument transformer segment. The contract with Gujarat Energy Transmission Corporation Limited, a key player in Gujarat's power transmission infrastructure, demonstrates the company's capability to serve major state utilities with specialized electrical equipment.

Source: None/Company/INE581L01018/32328f0d-82f8-45ca-bf7b-678749b3097c.pdf