Bajaj Auto Limited has informed the Exchange about Action(s) taken or orders passed

Bajaj Auto has received a penalty order of Rs. 49.83 lakh from the Deputy Commissioner, State Tax, Rudrapur, Uttarakhand, under Section 58(1)(XI) of the Uttarakhand VAT Act 2005. The penalty alleges that the company claimed input tax credit on ineligible items during FY 2015-16 and 2016-17. The company states it had already reversed the ineligible input tax credit before the assessment was completed and believes the proceedings are beyond the statutory limitation period. Bajaj Auto plans to take legal action to challenge the order and says it will not have any major financial impact on the company.