TVS Electronics receives GST Assessment Order, expects Rs 17 crore worth financial implications
TVS Electronics Limited has been served a Goods and Services Tax (GST) Assessment Order on Saturday, December 23, the company said in an exchange filing. The litigation is currently under the jurisdiction of The Joint Commissioner of State Tax-New Delhi and the opposing party in this case is Proper Officer, Ward 93, New Delhi. The company expects financial implications of Rs 17.04 crore with regard to this litigation, according to the exchange filing.
The order pertains to the financial year 2017-18 and revolves around Input Tax Credit (ITC) related to credit notes and other ITC. The department has raised a demand, citing discrepancies in the treatment of credit notes. Specifically, the department has deducted GST on credit notes from the net ITC, leading to a notable difference.
TVS Electronics, in response, declared credit notes on purchases and returns, aligning with the vendor’s submission in their GSTR1 (GST Return). The company availed ITC based on its books of account. A detailed reply, supported by relevant documents, has been submitted to the department. Currently, the company is in the process of filing an appeal before the Joint Commissioner of State Tax in New Delhi.
TVS Electronics shares settled 1.64 per cent higher at Rs 353.65 apiece on the NSE on Friday, December 22.