Bajaj Electricals gets GST Demand of Rs.14.08 Crore Over Alleged ITC Mismatch:

Bajaj Electricals gets GST Demand of Rs.14.08 Crore Over Alleged ITC Mismatch Bajaj Electricals has received a demand of Rs 14.08 crore from the GST authorities in Punjab for an alleged mismatch in its input tax credit (ITC), according to the company. According to a regulatory filing, the company got an assessment order from the office of the Assistant Commissioner, Mohali, Punjab, on February 20, 2025, alleging a liability on the reverse charge procedure, as well as a mismatch in the input tax credit (ITC) asserted by it in the financial year 2020-21. "Therefore, a total demand of Rs.14.08 crore has been imposed on the company, which includes an alleged tax demand of Rs.7.45 crore, interest of Rs.5.89 crore, and a general penalty of Rs.75 lakh," according to the report. According to the statement, the company is currently evaluating various statutory options and mandatory measures, as well as filing an appeal with the appropriate appellate body. It also stated that the situation has no influence on financial operations or other activities. In Q3 FY25, Bajaj Electricals reported a 10.7 percent year-on-year (YoY) fall in net profit to Rs.33.4 crore, down from Rs.37.4 crore in the same quarter last year. The Company had significant operational growth, with profits before interest, taxes, depreciation, and amortization (EBITDA) increasing 51.6% YoY to Rs.87.3 crore, up from Rs.57.6 crore in Q3 FY23. Revenue for the quarter climbed 5% year on year to Rs.1,289.7 crore, owing to consistent demand in the consumer products and lighting industries.