3M India Limited has informed the Exchange about General Updates on tax litigation
3MINDIA · price
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3M India has received a Certificate in Form 2 from the Principal Commissioner of Income Tax, Bengaluru-2, for FY 2012-13 under the Direct Tax Vivad Se Vishwas Scheme, 2024, a government program to settle pending direct tax disputes. After adjusting amounts already paid, the additional tax payable for FY 2012-13 is Rs. 6.96 Crores. The company had earlier opted into this scheme to settle tax litigations spanning FY 2004-05 to FY 2013-14, and Form 2 certificates for FY 2004-05, 2009-10, 2010-11, 2011-12, and 2013-14 were already received. Applications for settlement of disputes for other financial years remain under review by the Designated Authority. The company has stated there is no material impact on its operations from this development.
This is a procedural update resolving a long-pending tax dispute through a government-mandated settlement scheme. The additional outflow of Rs. 6.96 Crores is modest relative to 3M India's size, and with no material operational impact flagged, this is unlikely to materially affect the stock price.