Company Expects No Material Financial Impact
Mumbai, 30th January 2025 – Transport Corporation of India Limited (TCI) has informed the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) that it received a Goods and Services Tax (GST) demand order amounting to
₹10,63,74,65 (₹10.64 crore) from the
Office of the Commissioner of Central Tax, GST, Division-2, Bengaluru South Commissionerate on
29th January 2025.
Details of the GST Demand Order
According to the regulatory filing, the demand order pertains to the company’s
TCI Supply Chain Solutions (TCI SCS) Division in Karnataka and involves:
- Excess GST Input Tax Credit claimed
- Short payment of GST
- Total demand: ₹10.64 crore
- Interest component: ₹3.0 crore
- Penalty component: ₹5.3 crore
The demand was communicated via email at
6:36 PM IST on 29th January 2025.
Company’s Response and Financial Outlook
TCI, in its statement, emphasized that based on:
- Company’s legal assessment
- Current GST laws
- Counsel’s advice
It expects a
favorable resolution at the adjudicating authority level and
does not foresee any material financial impact on its operations or financial standing.
