Bajaj Electricals Limited Receives Order from the Office of the Assistant Commissioner, DGSTO-1, Bengaluru, Karnataka
March 16, 2024 at 11:20 am EDT
Share
Bajaj Electricals Limited informed that the Company has received an order dated March 16, 2024 under section 73(9) of the KGST Act, 2017 (Order), from the Office of the Assistant Commissioner, DGSTO-1, Bengaluru, Karnataka (GST Authority), alleging that the Company has claimed excess input tax credit (ITC) during fiscal year 2018-19, and consequently, a tax demand of INR 2.59 million has been imposed on the Company, which includes a general penalty of INR 0.183 million. The Company is currently exploring various legal options and necessary steps, including challenging the Order issued by the GST Authority before the relevant appellate authority.
Bajaj Electricals Limited is engaged in the marketing of various consumer household and industrial goods. The Company operates through two segments: Consumer Products and Lighting Solutions. The Consumer Products segment is engaged in the manufacturing and trading of consumer durables products which includes fans, domestic appliances, kitchen appliances, and non-electrical kitchen aids. The Lighting Solutions segment is engaged in the manufacturing and trading of lighting products which includes light-emitting diode (LED) products, such as lamps, bulbs, battens and ceiling lights in consumer lighting and poles, high mast, street lighting, area lighting, in professional lighting. It also provides various fans comprising ceiling, pedestal, table, wall, personal, domestic, and others. It also involved in the engineering, procurement and commissioning of power transmission and power distribution infrastructure. It operates approximately 2,00,000 retail outlets.