We wish to inform you that the Company has received a notice (Form GST ASMT-10) from the Office of the Superintendent, CGST Range - Baddi -II, Baddi intimating discrepancies in the return ....
TIMEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Timex Group India has received a GST notice (Form GST ASMT-10) from the Office of the Superintendent, CGST Range Baddi II, highlighting discrepancies in the company's GST returns for FY 2022-23. The discrepancies involve two issues: first, a mismatch between outward tax liability reported in GSTR-38 versus E-way bills, where fewer E-way bills were issued compared to outward supply liability declared; second, excess input tax credit claimed in GSTR-38 compared to GSTR-2A/2B for imported goods. The financial impact is quantified at INR 22,98,108 in interest on the outward liability mismatch, and INR 43,32,449 in excess ITC claimed, both with potential penalties. The company is reviewing the notice with legal counsel and will file a response shortly.
The quantified financial exposure is approximately INR 66.3 lakh plus potential penalties, which is relatively modest for a company of Timex's size. However, it represents a regulatory compliance risk that could attract further scrutiny or penalties if not resolved satisfactorily.