Pune, India – January 31, 2025 – Bajaj Auto Limited has disclosed a GST-related order issued by the Superintendent, Range-I, Central Tax, Division I (Talegaon), Pune I Commissionerate, under Section 74(9) of the CGST Act, 2017. The order confirms a demand due to the alleged willful suppression of non-reversal of Input Tax Credit (ITC) for the sale of MEIS scrips between July 2017 and March 2020, amounting to ₹74,818, along with an equal penalty of ₹74,818.
Regulatory Action Details
| Authority | Superintendent, Range-I, Central Tax, Pune I Commissionerate |
|---|---|
| Nature of Order | Order under Section 74(9) of CGST Act, 2017 |
| Violation Alleged | Non-reversal of ITC for MEIS scrips sale (July 2017 – March 2020) |
| Financial Impact | ₹74,818 demand + ₹74,818 penalty |
Company’s Response
Bajaj Auto stated that it had adhered to the legal process for ITC availment and complied with GST law provisions. The company clarified that the sale of MEIS scrips is exempt, and ITC reversal was not required during the period in question due to a subsequent amendment by the government. Consequently, Bajaj Auto will be filing an appeal against the order.Financial & Operational Impact
Bajaj Auto asserted that this order does not pose significant financial implications for the company. The company remains confident in its legal position and is proceeding with the appeal process.This disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.