Bajaj Electricals Hits with ₹14.08 Crore GST Demand
Bajaj Electricals faces Rs 14.08 crore GST demand from Punjab authorities for FY 2020-21 ITC and RCM discrepancies
Punjab GST authorities have issued a tax demand of Rs 14.08 crore to Bajaj Electricals Limited for the financial year 2020-21, citing discrepancies in input tax credit (ITC) claims and issues related to the reverse charge mechanism (RCM). The notice was issued by the assistant commissioner of Punjab, Mohali, under Section 73 of the Punjab Goods and Services Tax Act, 2017, and the...
Punjab GST authorities have issued a tax demand of Rs 14.08 crore to Bajaj Electricals Limited for the financial year 2020-21, citing discrepancies in input tax credit (ITC) claims and issues related to the reverse charge mechanism (RCM).
The notice was issued by the assistant commissioner of Punjab, Mohali, under Section 73 of the Punjab Goods and Services Tax Act, 2017, and the Central Goods and Services Tax (CGST) Act, 2017. The amount includes Rs. 7.45 crore in taxes, Rs. 5.89 crore in interest, and Rs. 0.75 crore in penalties.
In a statement to the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), Bajaj Electricals assured stakeholders that the demand would not impact its financial operations or business activities. The company explained its commitment to resolving the matter through legal channels and maintaining compliance with all regulatory requirements.
Bajaj Electricals stated that it is evaluating all legal options, including filing an appeal before the appropriate appellate authority. The company repeated that the tax demand does not pose an immediate threat to its operations or financial health.
About Bajaj Electricals
Bajaj Electricals Limited is a renowned Indian company specializing in consumer appliances and lighting solutions. Established in 1938, it is part of the $100 billion Bajaj Group, founded by Shri Jamnalal Bajaj. The company is headquartered in Mumbai and reported a turnover of INR 5,429 crores for the financial year 2022-23.
The company's key brands include BAJAJ, Nirlep, Morphy Richards, and Nex. Bajaj Electricals has an extensive network of 18 branch offices, over 660 distributors, and approximately 200,000 retail outlets across India.
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