GE Power India Limited announced that Joint Commissioner Central Goods & service Tax Jurisdiction: Noida has imposed a penalty on the Company due to alleged excess/wrong availment of Input Tax Credit. Brief details of dispute/litigation: Alleged excess/wrong availment of Input tax credit- Order passed under section 73 of the Central GST Act, 2017/Uttar Pradesh GST Act, 2017. Period involved: Fiscal Year 20-21.
expected financial implications, if any, due to compensation, penalty etc: Tax Amount INR 27,422,878. Interest: As applicable. Penalty Amount INR 2,742,287.
The Company is in the process of evaluating way-forward in respect of above. quantum of claims, if any: Tax Amount INR 27,422,878. Interest: As applicable.
Penalty Amount INR 2,742,287.
