Elecon Engineering Company Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
ELECON · price
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Awaiting price reaction for this filing.
Elecon Engineering has received an order dated 16th June 2025 concluding proceedings under Section 128A of the CGST Act, 2017, resulting in a waiver of interest and penalty on a long-standing GST dispute. The original dispute, worth Rs. 146.15 lakhs, related to the company's claim of carrying forward Education Cess and Higher Secondary Education Cess as Service Tax credit in TRANS-1, which was contested by the Assistant Commissioner of GST, CGST Division Anand. The matter was pending before the Gujarat High Court. The company had already paid Rs. 67.75 lakhs under protest, disclosed as a contingent liability in FY2022-23. With this order, the company has secured a favorable outcome, with no further financial implications from this dispute.
Positive for shareholders — the company has obtained relief on a pending tax dispute with waiver of interest and penalty, eliminating further financial liability from this matter and removing a long-pending overhang.