Thermax Limited has informed the Exchange about Action(s) taken or orders passed
THERMAX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Thermax Limited received an assessment order from the Commercial Tax Officer, Chennai South (Tamil Nadu), covering FY 2018-19 to FY 2022-23. A total penalty of Rs. 1,50,11,715 (approximately Rs. 1.5 crore) has been imposed because Input Tax Credit (ITC) was claimed on supplies where payment to suppliers was not made within 180 days from the date of invoice, as required under GST rules. The orders were received on April 22, 2024 (FY 2018-19) and April 30, 2024 (FY 2019-20 to 2022-23). The company is in the process of filing an appeal before the appropriate authority and has stated it does not foresee any material impact on its financial or operational activities.
The penalty amount (~Rs. 1.5 crore) is relatively small compared to Thermax's overall size, and the company is contesting the order, so the near-term impact on shareholders is expected to be limited. Investors should watch for the appeal outcome, as an unfavorable ruling could lead to a modest financial hit.