Mumbai, February 28, 2025 – Bajaj Electricals Limited (NSE: BAJAJELEC, BSE: 500031) has disclosed the receipt of various assessment orders from regulatory authorities under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The assessment orders pertain to GST Input Tax Credit (ITC) disallowances for the financial year 2020-21, resulting in total tax demands exceeding ₹11 crore.
Key Regulatory Actions and Financial Impact
The company received final assessment orders under Section 73 of the Goods and Services Tax (GST) Act, 2017, from the following authorities:| Authority | Location | Gross Tax Demand (₹) | Penalty (₹) | Total (₹) |
|---|---|---|---|---|
| Deputy Commissioner of Commercial Taxes | Bengaluru, Karnataka | 18,90,072 | 85,916 | 19,75,988 |
| Deputy Commissioner of State Tax | Raipur, Chhattisgarh | 36,18,161 | 1,98,800 | 38,16,961 |
| Joint Commissioner, CGST & Central Excise | Lucknow, Uttar Pradesh | 10,95,46,901 | 99,58,809 | 11,95,05,710 |
| Total | 11,50,55,134 | 1,02,43,525 | 12,52,98,659 |
Company's Response and Legal Action
- Bajaj Electricals has stated that it is exploring legal options and will file appeals before the relevant appellate authorities to challenge the tax demands.
- The company does not expect any material impact on its financial operations or business activities as a result of these orders.
Regulatory Compliance and Next Steps
The company has assured stakeholders that it remains compliant with GST regulations and is taking the necessary legal steps to address the tax authorities' concerns.Investors and stakeholders are advised to monitor updates as the company pursues its legal course of action.