Footwear major Bata India disclosed on Thursday that it has received a notice from the State Tax Officer, Anna Salai Assessment Circle, Chennai, amounting to ₹60.56 crore.
Now, the Opposing party has served Show Cause Notice in Form DRC-01 on December 27, proposing to levy tax amounting to INR 605.61 Mn. and Interest thereon.
The notice dated December 27, pertains to several issues raised in a final audit report on December 25, for the 2018-19 financial year, according to the regulatory filing.
The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excess Input Tax Credit (ITC) availed, and ITC Reversal on credit note.
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The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response.
The next personal hearing for this matter is slated for January 10, during which additional information must be presented concerning the following issues:
• Difference in turnover on outward supplies in the monthly GST returns
• Difference in tax on outward supplies in the GSTR-9 & GSTR-9C returns
• Excess ITC availed
• ITC Reversal on Credit Note
Bata India expressed confidence in its ability to defend the case before the relevant authorities, asserting that the matters are believed to have no material financial impact.
“It is believed that the company has a good case to defend the matters without any material financial impact,” the company said.
