Thermax Limited receives CGST order for ₹3.14 Cr penalty
Thermax Limited received a CGST order imposing a penalty of ₹3.14 crore. The penalty is for incorrect classification of goods under HSN for GST purposes between 2019-20 and 2022-23. The company plans to appeal the order.
A penalty of ₹3.14 crore could have a material impact on the company's financials, although the company intends to appeal, which may mitigate the impact.
The company has received a penalty order from CGST, which is a negative development.
Thermax Limited has received an Assessment Order from the Joint Commissioner, CGST, Pune, Maharashtra, levying a penalty of ₹3.14 crore. The order, received on March 30, 2026, pertains to the disallowance of a lower GST rate for goods incorrectly classified under HSN for the period 2019-20 to 2022-23.
The company stated that it will file an appeal challenging the said demand in due course. The specifics of the order and the company's response are detailed in Annexure A.
This intimation is provided in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
What to do with a filing like this
Thermax Limited filed this with the NSE as a statutory disclosure, categorised under regulatory impact. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Thermax Limited. Read the original for the full detail.