Bharat Heavy Electricals Limited (BHEL) has received a combined Show Cause Notice related to the Central Goods and Services Tax Act, stemming from a departmental audit. The notice pertains to fiscal years 2019-20 to 2022-23. BHEL management stated that they are currently preparing a detailed response to address the matter before the concerned authority within the stipulated timeframe.
Show Cause Notice Details
Bharat Heavy Electricals Limited (BHEL) received a combined Show Cause Notice following a departmental audit. The notice concerns the period from fiscal year 2019-20 to 2022-23.
Financial Implications and Company Response
BHEL believes the issues raised and the demanded amount are not justified. The company intends to submit a comprehensive reply to the Show Cause Notice within the given timeframe. The indicated amount in the combined Show Cause Notice for the specified period is Rs. 65.75 Cr., which includes interest and applicable penalties. The concerns primarily relate to classification issues and reconciliation of input tax credits, as well as reconciliation of outward supplies.
Action Being Taken
The company is preparing and filing a detailed reply with supporting facts, figures, justification, and evidence to substantiate its tax position to the concerned authority within the prescribed deadlines. BHEL management believes that this action is sufficient to address the Show Cause Notice.
Source: BSE
