We wish to inform you that the Company has received an order from the office of Commissioner (Appeals) CGST Appeals Commissionerate Chandigarh on an appeal filed by the company against ....
TIMEX · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Timex Group India received an order from the Commissioner (Appeals), CGST Appeals Commissionerate, Chandigarh, on an appeal the company had filed against an earlier GST assessment. The appellate authority has sent the matter back (remand-back) to the Assistant/Deputy Commissioner, Baddi for fresh examination of certain GST claims for FY 2019-20. The disputed items relate to differences between GSTR1 returns and E-way bill data (Rs. 48,60,702), ineligible Input Tax Credit, and excess ITC claimed (Rs. 8,10,048). The total potential tax exposure mentioned is about Rs. 56.70 lakh, excluding any interest or penalty. The company says it is preparing its response and documentation with legal counsel to present before the assessing officer.
The financial impact is modest at around Rs. 56.70 lakh in tax demand, but the matter is still open as it has been remanded back for further review rather than being finally settled. Shareholders should watch for further updates on the final assessment outcome, but near-term impact on the stock is likely limited given the small size relative to the company's operations.