New Delhi, February 28, 2025: Orient Electric Limited (NSE: ORIENTELEC; BSE: 541301), a CK Birla Group company, today disclosed that it has received a tax demand notice amounting to ₹33,63,118 under the Madhya Pradesh Goods and Service Tax Act, 2017, accompanied by an additional penalty of ₹3,55,546.
The notice, issued by the Assistant Commissioner, CGST & Central Excise, Division – IV, Indore, pertains to alleged discrepancies involving taxable values and excessive or ineligible input tax credits for the financial year 2020-21.
Key Details of GST Demand Notice:
| Particulars | Amount (₹) |
|---|---|
| GST Demand | 33,63,118 |
| Penalty Imposed | 3,55,546 |
| Total Demand | 37,18,664 |
Orient Electric Limited stated explicitly that this tax demand does not impact the financial operations or other activities of the company. The management is currently evaluating its legal options, including filing an appeal before the relevant appellate authority.
Ravindra Singh Negi, Managing Director & CEO of Orient Electric, confirmed the company’s stance on this matter, emphasizing that necessary steps are being initiated to address the legal challenges posed by the demand notice.
Investors and market participants are advised to monitor further announcements by the company concerning developments on this regulatory matter.