Mumbai, February 28, 2025: GE Power India Limited (NSE: GEPIL, BSE: 532309) today informed the stock exchanges about a new tax litigation involving allegations of excess or wrongful Input Tax Credit claims.
The Joint Commissioner of Central Goods & Service Tax (GST), Noida jurisdiction, has imposed a penalty under Section 73 of the Central and Uttar Pradesh GST Acts, pertaining to the financial year 2020-21.
Financial Implications of the Tax Dispute:
| Particulars | Amount (INR) |
|---|---|
| Tax Amount | ₹2,74,22,878 |
| Penalty Amount | ₹27,42,287 |
| Interest | Applicable as per law |
Company Action:
GE Power India stated it is currently assessing the situation and considering filing an appeal against this order.Regulatory Compliance:
The company disclosed this information under SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015, adhering to SEBI circulars dated 11 November 2024 and 14 February 2025.Management Commentary:
Kamna Tiwari, Company Secretary and Compliance Officer, stated, "The company is in the process of evaluating the way forward in this matter."Investors and analysts will closely watch how the company navigates this legal challenge, given its potential impact on financial statements and regulatory standing.