Voltas Limited Receives Order from the Office of the Joint Commissioner, Cgst & Central Excise, Kolkata North Commissionerate, Kolkata
May 03, 2024 at 01:22 pm
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Voltas Limited has received an Order from the Office of the Joint Commissioner, CGST & Central Excise, Kolkata North Commissionerate, Kolkata, demanding tax of INR 146.8 million plus interest thereon and also penalty of INR 14.6 million under Section 73 of the Central Goods and Services Tax Act, 2017 for the financial year 2018-19 for short payment of tax and excess input tax credit availed. The Company is in the process of filing an appeal against the said Order. There is no material impact on the financials, operations or other activities of the Company due to this penalty. By an Order dated 30th April, 2024 (received on 2nd May, 2024) passed under Section 73 of the Central Goods and Services Tax Act, 2017 for financial year 2018-19, tax demand has been raised for short payment of GST of INR 1,028,626/- due to difference in tax liability between GSTR-1 and GSTR-3B, and
INR 1,457,58,487/- for excess input tax credit (ITC) availed, plus interest thereon and also penalty of INR 14,575,849/-. The Company is in the process of filing an appeal against the said Order. Penalty of INR 14,575,849/- has been imposed for short payment of GST liability and excess input tax credit availed.
Voltas Limited is an India-based air conditioning and engineering solutions provider and a projects specialist. The Company's segments include Unitary Cooling Products, Electro - Mechanical Projects and Services, and Engineering Products and Services. Unitary Cooling Products segment includes manufacturing, selling and after sales services of cooling appliances and cold storage products, and facilities maintenance and hard services, such as operations and maintenance contracts in various sectors, retrofits and energy management, among others. Electro - Mechanical Projects and Services segment includes electro-mechanical projects, such as electricals, heating, ventilation and air conditioning, plumbing, extra low voltage and specialized services, and water solutions, such as comprises water treatment solutions for industrial, oil and gas and domestic sewage segments, among others. Engineering Products and Services segment includes textile machinery and mining and construction equipment.