Crompton Greaves Consumer Electricals Limited has informed the Exchange about Action(s) taken or orders passed
CROMPTON · price
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The Joint Commissioner of State Tax (Appeal-VI), Mumbai has partially confirmed an earlier GST demand order originally raised by the Deputy Commissioner for financial year 2018-19. The demand relates to disallowance of Input Tax Credit and GST on credit notes. The potential financial impact is about ₹22.46 crore, comprising tax of ₹10.27 crore, interest of ₹11.15 crore, and penalty of ₹1.04 crore. The company plans to file a further appeal under Section 112 of the SGST Act, 2017 and expects a favourable order. The company has stated there is no material impact on its financials, operations, or other activities.
The ₹22.46 crore demand is relatively small compared to Crompton's overall scale, and the company is confident of winning on further appeal, so the near-term effect on shareholders should be limited. Investors should monitor the outcome of the next appellate hearing for any escalation.