TVS Electronics Limited received a Goods and Services Tax (GST) Assessment Order on Saturday, December 23, as disclosed in an exchange filing. The case is presently under the jurisdiction of The Joint Commissioner of State Tax-New Delhi, with the opposing party being Proper Officer, Ward 93, New Delhi. The company anticipates a financial impact of Rs 17.04 crore related to this legal matter, as stated in the exchange filing.
This order pertains to the financial year 2017-18 and centers on Input Tax Credit (ITC) concerning credit notes and other ITC. The department raised a demand, citing discrepancies in the treatment of credit notes, specifically deducting GST on credit notes from the net ITC, resulting in a significant variance.
In response, TVS Electronics reported credit notes on purchases and returns in line with the vendor’s submission in their GSTR1 (GST Return). The company availed ITC based on its accounting records. A detailed response, supported by pertinent documents, has been submitted to the department. The company is presently in the process of appealing before the Joint Commissioner of State Tax in New Delhi.
On Friday, December 22, TVS Electronics shares closed 1.64 per cent higher at Rs 353.65 apiece on the NSE.
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