The company has received an assessment order dated February 20, 2025, from the Office of the Assistant Commissioner, Mohali, Punjab alleging liability on reverse charge mechanism, a mismatch in the input tax credit (ITC) claimed by it during FY 2020-21, it said in a regulatory filing.
Photo: X:@BajajElectrical
Bajaj Electricals Ltd has received a demand of Rs 14.08 crore from GST authority in Punjab for alleged mismatch in input tax credit (ITC) claimed by it, the company said on Friday.
The company has received an assessment order dated February 20, 2025, from the Office of the Assistant Commissioner, Mohali, Punjab alleging liability on reverse charge mechanism, a mismatch in the input tax credit (ITC) claimed by it during FY 2020-21, it said in a regulatory filing.
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“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 said.
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The company is currently exploring various legal options and necessary steps, including filing an appeal before the relevant appellate authority, the filing said, adding there is no impact on financial operations or any other activities due to this.
In Q3 FY25, Bajaj Electricals 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.
The Company saw strong 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.
Revenue for the quarter grew 5 per cent YoY to Rs 1,289.7 crore, driven by steady demand across its consumer products and lighting segments.
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