Voltas Limited Receives an Order from the Office of the Joint Commissioner State-Tax, Patliputra Circle, Patna Commercial Taxes Department, Bihar
July 08, 2024 at 02:29 am EDT
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Voltas Limited announced that the Company has received an Order dated July 6, 2024 from the Office of the Joint Commissioner State-Tax, Patliputra Circle, Patna Commercial Taxes Department, Bihar, demanding tax of INR 4.6 million, interest of INR 1.9 million and penalty of INR 0.5 million under Section 73 of Central Goods and Services Tax Act, 2017 and Bihar Goods and Services Tax Act, 2017 for the financial year 2021-22 for disallowance of input tax credit claimed by the Company. The Company is in the process of filing an appeal against the said Order. There is no material impact on the financials, operations or other activities of the Company due to this penalty.
Voltas Limited is an India-based air conditioning and engineering solutions provider and a projects specialist. The Company's segments include Unitary Cooling Products, Electro - Mechanical Projects and Services, and Engineering Products and Services. Unitary Cooling Products segment includes manufacturing, selling and after sales services of cooling appliances and cold storage products, and facilities maintenance and hard services, such as operations and maintenance contracts in various sectors, retrofits and energy management, among others. Electro - Mechanical Projects and Services segment includes electro-mechanical projects, such as electricals, heating, ventilation and air conditioning, plumbing, extra low voltage and specialized services, and water solutions, such as comprises water treatment solutions for industrial, oil and gas and domestic sewage segments, among others. Engineering Products and Services segment includes textile machinery and mining and construction equipment.
VOLTAS LIMITED 