Voltas Faces Rs 265 Crore GST Notice Over Tax Shortfall, CFO News, ETCFO
Voltas announced on Wednesday that it has received a show cause notice from the Central GST authorities demanding an explanation for an alleged shortfall in tax payments totalling Rs 265.25 crore.
According to the company’s filing, the notice alleges short payment of Goods and Services Tax (GST) for the financial years 2018–19 to 2020–21 by Universal Comfort Products Limited, which the AC giant merged with during FY 2020–21.
“We would like to inform that a Show Cause Notice from the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun, under the Central Goods and Services Tax Act, 2017 read with the Uttarakhand Goods and Services Tax Act, 2017 and the Integrated Goods and Service Tax Act, 2017 has been received alleging short payment of GST for the financial years 2018-19 to 2020-21 by Universal Comfort Products Limited (which got merged with the Company during the financial year 2020-21),” the filing read.
The notice, issued under the Central Goods and Services Tax Act, 2017, along with the corresponding provisions of the Uttarakhand GST Act and the Integrated GST Act, seeks an explanation as to why the tax demand should not be raised, along with applicable interest and penalties.
“The Company is evaluating this matter and will submit its reply within the prescribed time period,” Voltas further said.
