Bajaj Electricals Limited has informed the Exchange about Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
BAJAJELEC · price
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Bajaj Electricals has received two GST assessment orders from the Tamil Nadu commercial tax department, together demanding a total of about Rs. 19.93 crore. The first order for FY 2019-20 asks for Rs. 11.20 crore (tax Rs. 3.66 crore, interest Rs. 3.88 crore, penalty Rs. 3.66 crore) over alleged differences in input tax credit (ITC) and turnover. The second order for FY 2022-23 asks for Rs. 8.73 crore (tax Rs. 5.09 crore, interest Rs. 3.13 crore, penalty Rs. 0.51 crore) over alleged excess ITC claims. The company has stated it will challenge the orders by filing an appeal or writ petition before the High Court.
The combined demand of nearly Rs. 20 crore is material but not large relative to the company's scale, and management says there is no operational impact beyond the demand itself. The stock may see a mild negative reaction in the short term, but the outcome hinges on the appeal process.