A demand of Rs 14.08 crore from the GST authority in Punjab has been received by Bajaj Electricals for an alleged mismatch in input tax credit (ITC) claimed by it, the company cited.
On February 20, 2025, the company received an assessment order from the office of the Assistant Commissioner, Mohali, Punjab alleging obligation on reverse charge procedure, a mismatch in the Input tax credit (ITC) asserted via it in FY 2020-21, it mentioned in a regulatory filing.
“Consequently, a total demand of Rs 14.08 crore has been imposed on the company, which includes an alleged tax demand of Rs 7.45 crore, interest of Rs. 5.89 crore, and a general penalty of Rs 75 lakh,” it stated.
At present the company is exploring different statutory options and required steps along with filing an appeal to the pertinent appellate authority, as per the filing, also it mentioned that there is no impact on the financial operations or any other activities as of the situation.
Bajaj Electricals in Q3 FY25, reported a 10.7 per cent year-on-year (YoY) decline in net profit to Rs 33.4 crore, compared to Rs 37.4 crore in the same quarter last year.
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The Company witnessed substantial operational growth, with earnings before interest, taxes, depreciation, and amortization (EBITDA) surging 51.6 per cent YoY to Rs 87.3 crore, up from Rs 57.6 crore in Q3 FY23.
Driven by steady demand across its consumer products and lighting segments, Revenue for the quarter increased 5 per cent YoY to Rs 1,289.7 crore.
