We wish to inform you that the Company has received a notice (Form GST ASMT10) from the Office of the Superintendent, Central Goods and Service Tax, Range 5, Division-1, Noida intimating ....
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Timex Group India Ltd received a notice from the Office of Superintendent, Central Goods and Services Tax, Noida, intimating discrepancies found during scrutiny of GST returns for Financial Year 2022-23. The notice alleges excess availment of input tax credit due to reconciliation mismatches between various GST returns, short payment of tax on outward supplies due to differences with e-way bill data, and availment of ineligible ITC for place of supply other than Uttar Pradesh. The financial exposure quantified is approximately INR 2.64 crore, excluding applicable interest and penalties. The Company clarified this is a preliminary query during scrutiny and does not constitute a final tax liability determination. They are assessing the matter with legal counsel and will file an appropriate response within prescribed timelines.
This represents a tax compliance risk with quantified financial exposure of INR 2.64 crore. While the Company treats it as preliminary, investors should monitor the outcome as it could affect profitability if the discrepancies are upheld. The stock may see mild negative sentiment until the matter is resolved.