Waaree Energies Ltd. has received demand orders from CGST & CE Surat and State Tax Investigation-A, Mumbai, concerning Input Tax Credit (ITC) and related interest/penalties. The company is addressing the matter and plans to appeal. One order demands ₹80,59,776 related to ITC, while another assesses tax payable at ₹2,48,44,384 after considering relief. The company believes it has strong grounds for appeal.
Demand Order Details
Waaree Energies Ltd. has received demand orders from tax authorities regarding certain GST matters. One order originates from the Assistant Commissioner, Division-IV, CGST & CE Surat.
CGST & CE Surat Order
The CGST & CE Surat order demands ₹80,59,776 related to Input Tax Credit (ITC), along with applicable interest and an equivalent penalty. This is under Section 74 of the CGST Act, 2017. An additional demand pertains to interest of ₹22,90,389 related to supplier payments.
State Tax Investigation – Mumbai
The Assistant Commissioner of State Tax (Investigation-A, Mumbai) issued an order following an investigation. After examination of records related to a show cause notice for the period April 2021 to March 2022 (Indian Financial Year), the balance amount of tax payable works out to ₹2,48,44,384/-.
Company Response
Waaree Energies is in the process of addressing these orders, including filing appeals. The company believes it has strong legal and factual grounds to contest the findings. There is no impact on the Company’s financials, operations or other activities.
Source: BSE
