Bosch Limited faces Rs.77.74 cr tax demand over GST classification
Bosch Limited has been ordered to pay a differential tax of Rs.77.74 crore, along with applicable interest and penalty, following the Joint Commissioner of Central Tax's reclassification of Electronic Control Units under HSN code 8708, which attracts 28% GST instead of the 18% previously classified under HSN 9032. This disclosure complies with SEBI regulations.
Bosch Limited has received an order confirming the Demand for differential tax of Rs. 77,74,40,283/- and applicable interest and penalty of Rs.77,74,40,283/- in terms of 74 of CGST Act, according to the Company's exchange filing.
Joint Commissioner of Central Tax, Bangalore South Commissionerate, Bangalore held that Electronic Control Units are classifiable under HSN code 8708 as parts of automobiles with 28% GST and not under HSN 9032 which was classified by company with 18% GST. The disclosure was made under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
