Voltas Limited GST Demand Reduced to ₹10.77 Cr from ₹265.25 Cr
Voltas Limited's GST demand has been reduced to ₹10.77 crore from an initial ₹265.25 crore by the Central GST Commissionerate. The company is evaluating the order and considering an appeal, having also filed a writ petition. No material impact on financials is expected.
The company explicitly stated that there is no material impact on its financials, operations, or other activities due to the penalty.
While the demand was reduced significantly, the matter is still under evaluation with potential appeals and pending litigation, and a penalty has still been imposed.
Voltas Limited has received an order from the Principal Commissioner, Central GST Commissionerate, Dehradun, regarding a Show Cause Notice (SCN) initially alleging short payment of GST by Universal Comfort Products Limited (UCPL), which merged with Voltas in FY 2020-21. The initial demand was ₹265.25 crore for the financial years 2018-19 to 2020-21.
Based on detailed submissions by Voltas, the GST demand has been significantly reduced to ₹10.77 crore, along with applicable interest and penalty. The company is currently evaluating the order and considering appropriate actions, including filing an appeal before the Commissioner (Appeals). Voltas has also filed a writ petition in the Hon’ble High Court of Uttarakhand challenging the SCN, which is pending.
The company has stated that this penalty has no material impact on its financials, operations, or other activities.
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Voltas Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it low impact, the band that almost never moves a portfolio on its own.
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