TVS Electronics receives GST Assessment Order; Expects Financial implications worth Rs.17 Crore:

TVS Electronics receives GST Assessment Order; Expects Financial implications worth Rs.17 Crore TVS Electronics Limited was served with a Goods and Services Tax (GST) Assessment Order, the company said in an exchange filing on Saturday, December 23. The litigation is currently before The Joint Commissioner of State Tax-New Delhi, and the opposing party is Proper Officer, Ward 93, New Delhi. According to the exchange filing, the company anticipates financial ramifications of Rs 17.04 crore as a result of this case. The order is for the financial year 2017-18 and is about Input Tax Credit (ITC) relating to credit notes and other ITC. The department has issued a demand, citing differences in the treatment of credit notes. The department has specifically removed GST on credit notes from the net ITC, resulting in a significant discrepancy. In response, TVS Electronics declared credit notes on purchases and returns, which matched the vendor's submission in their GSTR1 (GST Return). Based on its books of account, the corporation obtained ITC. A complete reply, accompanied by supporting documentation, has been submitted to the department. The corporation is currently in the process of submitting an appeal to the Joint Commissioner of State Tax in New Delhi.