Reetu | Dec 30, 2023 |
Bata India gets Rs.60 crore Sales Tax Notice on basis of Audit Report
Bata India received a tax notice of Rs.60.56 crore from the State Tax Officer, Anna Salai Assessment Circle, Chennai, the firm said in a report to the bourses on Thursday.
According to the filing, the December 27, 2023 notice addresses many concerns noted in a final audit report issued on December 25, for the 2018-19 financial year.
The issues cited include disparities in turnover on outward supply in monthly GST returns, differences in tax on outward supplies in GSTR-9 and GSTR-9C filings, excess Input Tax Credit (ITC) obtained, and ITC Reversal on a credit note.
The company stated that it received an audit notice on April 27, 2023, and responded by submitting appropriate documents.
Bata India was granted a personal hearing on January 10, 2024, to present its case and offer additional information on the contested issues, as per the filing.
The company expressed confidence in its ability to fight the case in front of the relevant authorities.
“It is believed that the company has a good case to defend the matters without any material financial impact,” the company added.
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