Voltas has received orders from GST authorities in Odisha, Punjab and Telangana, demanding a total of ₹4.34 crores in taxes, along with interest and penalties. These demands pertain to alleged irregularities in Input Tax Credit (ITC) claims for fiscal year 2021-22. The company is currently appealing these orders, asserting no material impact on its financial operations or activities.
GST Demand Notices
Voltas Limited has received orders from various Goods and Services Tax (GST) authorities across India, raising concerns about alleged discrepancies in tax payments. The total tax demanded is ₹4.34 crores.
Breakdown of Demands
The individual orders and their specifics are as follows:
Odisha GST Demand
The Assistant Commissioner of State Tax, Cuttack, Odisha, has demanded ₹1.37 crores under the Central Goods and Services Tax Act, 2017, and Odisha Goods and Services Tax Act, 2017. This demand includes an allegation of understated liability and ineligible/excess Input Tax Credit (ITC) claims for the fiscal year 2021-22. In addition to the tax demand, the order also includes interest of ₹0.90 crore and a penalty of ₹0.14 crore.
Punjab GST Demand
The Assistant Commissioner of State Tax, Ropar, Punjab, has raised a tax demand of ₹1.46 crores under similar sections of the Central Goods and Services Tax Act, 2017, and State Goods and Services Tax Act, 2017. The allegation is again related to short payment of liability and excess/ineligible ITC claimed for the fiscal year 2021-22. The demand includes interest of ₹1.14 crores and a penalty of ₹0.15 crore.
Telangana GST Demand
The Assistant Commissioner of Central Tax, CGST Division, Hyderabad, Telangana, has demanded ₹1.51 crores under the Central Goods and Services Tax Act, 2017, and Telangana Goods and Services Tax Act, 2017. The alleged issue concerns short payment of liability and excess/ineligible ITC claimed for the fiscal year 2021-22. The order includes applicable interest and a penalty of ₹0.15 crore.
Company Response
Voltas Limited has stated that it is currently in the process of filing appeals against these orders. The company has also asserted that these demands will not have a material impact on its financial condition, operations, or other activities.
Source: BSE
