3M India has received the final order for full and final settlement of tax arrears under the Direct Tax Vivad Se Vishwas Scheme. The order covers Financial Years 2004-05, 2007-08, 2010-11, and 2011-12. The aggregate tax determined under the scheme has already been paid. A refund of Rs 2.53 Crs is due to the Company for FY 2007-08. This settlement has no material impact on operations.
Tax Arrears Settlement
3M India announced the full and final settlement of its tax arrears under the Direct Tax Vivad Se Vishwas Scheme, 2024. The settlement pertains to tax arrears for the financial years 2004-05, 2007-08, 2010-11 and 2011-12.
Financial Impact and Details
The aggregate tax amount, determined under the scheme, has already been paid by 3M India. The amount includes Rs 2.26 Lakhs for FY 2004-05, Rs 1.11 Crores for FY 2010-11, and Rs 3.58 Crores for FY 2011-12. Furthermore, a refund of Rs 2.53 Crores is expected for FY 2007-08 as a result of this settlement.
Minimal Operational Impact
The company has stated that this settlement will not have a material impact on its operations or activities.
Source: BSE
