Thermax Limited has announced the receipt of an Assessment Order from the Joint Commissioner, CGST, Pune, Maharashtra, dated March 30, 2026. The order levies a penalty amounting to Rs 3.14 Crore. This penalty stems from the alleged disallowance of a lower GST rate applied to goods incorrectly classified under HSN codes between the fiscal years 2019-20 and 2022-23. The Company intends to file an appeal against the demand.
Disclosure of Regulatory Assessment Order
Thermax Limited officially informed stock exchanges regarding the receipt of an Assessment Order issued by the Joint Commissioner, CGST, Pune, Maharashtra. The order was formally received by the company on March 30, 2026, at 6:30 p.m. IST.
Details of the Levy
The key particulars of the order indicate that a penalty has been levied against the company amounting to Rs 3.14 Crore. This action is specifically related to the alleged disallowance of a lower GST rate for goods that were incorrectly classified under specific Harmonized System of Nomenclature (HSN) codes during the period spanning from the financial years 2019-20 through 2022-23.
Company Response and Future Action
Regarding the impact, Thermax noted that the quantification of the monetary impact on its financial or operational activities will be determined in due course. The company has confirmed its plan to challenge the demand by filing an appeal against the said order at the appropriate authority in the due course of time.
Source: BSE
