Waaree Energies Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
WAAREEENER · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Waaree Energies received two tax-related orders from Maharashtra tax authorities. First, the Joint Commissioner of State Tax (Appellate Authority) reduced the GST demand for FY 2017-18 from ₹6.95 crore to ₹23.62 lakh and for FY 2018-19 from ₹6.03 crore to ₹25.87 lakh, following the company's appeal. Second, the Assistant Commissioner of State Tax issued an assessment order of ₹7.52 crore for the tax period April 2019 to March 2020 under GST Section 74. The investigation found the company had availed ineligible Input Tax Credit and did not carry out proper cross-charging of common ITC. The company stated there is no impact on its financials or operations and it will take appropriate steps including filing appeals.
The appellate victory significantly reduces the earlier tax demand for FY 2017-18 and 2018-19, removing a major financial overhang. However, the fresh ₹7.52 crore demand for FY 2019-20 remains a contingent liability pending appeal. Overall risk appears manageable as the company claims no financial impact and is contesting the matter.