Voltas GST demand cut sharply to Rs 11 cr from Rs 265 cr; to appeal
VOLTAS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 1.3 pts more than Nifty Midcap 150 and 1.9 pts more than its Household Appliances peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Voltas informs that the Central GST Commissionerate in Dehradun has reduced the tax demand on Universal Comfort Products (merged with Voltas in FY21) from Rs 265.25 crores to Rs 10.77 crores plus interest and penalty. The original demand related to alleged short payment of GST for FY 2018-19 to 2020-21. The company is evaluating the order and plans to file an appeal, and has a pending writ petition in the Uttarakhand High Court. Voltas says there is no material impact on financials or operations.
Positive as about 96 percent of the original demand was dropped. Residual demand of around Rs 11 cr is immaterial. Appeal and writ pending.