Bajaj Electricals Limited informed that the Company has received an order dated March 16, 2024 under section 73(9) of the KGST Act, 2017 (Order), from the Office of the Assistant Commissioner, DGSTO-1, Bengaluru, Karnataka (GST Authority), alleging that the Company has claimed excess input tax credit (ITC) during fiscal year 2018-19, and consequently, a tax demand of INR 2.59 million has been imposed on the Company, which includes a general penalty of INR 0.183 million. The Company is currently exploring various legal options and necessary steps, including challenging the Order issued by the GST Authority before the relevant appellate authority.
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