3M India Limited has informed the Exchange Updates on Tax Litigations
3MINDIA · price
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Awaiting price reaction for this filing.
3M India has received a Certificate in Form 2 from the Income Tax Department for FY 2006-07 under the government's Direct Tax Vivad Se Vishwas Scheme, 2024, which allows companies to settle pending tax disputes. The company had opted into this scheme to close income tax litigations spanning FY 2004-05 to FY 2013-14. Form 2 certificates for several other years had already been received earlier and communicated to the stock exchanges. After adjusting for amounts already paid, the company is entitled to a tax refund of Rs. 1.06 Crores for FY 2006-07. The company stated there is no material impact on its operations from this development, and applications for other financial years are still under review.
This is a routine and positive update — 3M India is resolving long-pending tax disputes through a government-backed settlement scheme and will receive a small refund of Rs. 1.06 Crores. No material financial or operational impact is expected, so shareholders are unlikely to see any meaningful effect on the stock price.