3M India Limited has informed the Exchange about General Update on Tax Litigations
3MINDIA · price
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Awaiting price reaction for this filing.
3M India has received the second Certificate in Form 2 from the Principal Commissioner of Income Tax, Bengaluru-2, for FY 2011-12 under the Direct Tax Vivad Se Vishwas Scheme, 2024. This settles a second tax dispute for that year under the government's tax dispute resolution scheme, which the company opted into for multiple years (FY 2004-05 to FY 2013-14). After adjusting amounts already paid, the additional tax payable for this second FY 2011-12 dispute is Rs. 1.94 Crores. The company stated there is no material impact on its operations or activities from this settlement.
This is a routine closure of legacy tax disputes through a government settlement scheme, with a small payable amount of Rs. 1.94 Crores. Shareholders are unlikely to see any meaningful effect on earnings or stock price as the company itself confirms no material impact.