Minda Corporation Limited has informed the Exchange that the Minda Instruments Limited , a material subsidiary of the Company has received an Order from the office of Joint Commissioner of GST & Central Excise under Central Goods and Services Tax Act 2017 and Tamil Nadu Goods and Services Act 2017, for levy of penalty.
MINDACORP · price
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Minda Corporation's material subsidiary, Minda Instruments Limited (MIL), has received an order from the Joint Commissioner of GST & Central Excise, Chennai-Outer, confirming a GST demand of Rs 4.76 crore (Rs 4,75,88,732) for FY 2019-2020 and 2020-2021, along with an equivalent penalty and applicable interest. The demand arises from alleged short payment of GST due to misclassification of goods under the CGST, IGST, and Tamil Nadu GST Acts. The order was received on March 30, 2026. The company intends to file an appeal before the Appellate Authority within the prescribed time limit and is hopeful of a favourable outcome. Management has stated it does not expect any material financial impact on the company.
The Rs 4.76 crore demand is relatively small compared to Minda Corporation's overall scale, and the company plans to appeal. Shareholders are unlikely to see a material effect on earnings or stock price, though the outcome of the appeal bears watching.