Bharat Heavy Electricals Limited has informed the Exchange about Action(s) taken or orders passed
BHEL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
BHEL received an Order in Original from the Joint Commissioner of Central Tax, Bengaluru West, regarding GST issues for FY 2019-20 to FY 2022-23. The original show cause notice had raised a demand of Rs. 65.75 crore, but the Adjudicating Authority has dropped Rs. 54.83 crore of it, leaving a balance demand of Rs. 10.92 crore along with a penalty of Rs. 10.80 crore and applicable interest. The company is contesting the classification, input tax credit, and liability write-back issues. BHEL plans to file an appeal before the Appellate Authorities and states it sees no financial impact as it believes the case is strong on merits.
A positive outcome for shareholders as the bulk of the demand was dropped, and the remaining Rs. 10.92 crore plus penalty is being appealed with the company expressing confidence in its case. This is unlikely to materially affect the stock price, though the appeal outcome remains pending.