Tata Group's Voltas Receives ₹12 Crore GST Demand Notice For Excess Input Tax Credit

Tata Group company Voltas Ltd was hit with GST demand notice of Rs 12.87 crore for alleged excess input tax credit availed in 2020. The tax demand order includes Rs 6.59 crores, interest of Rs 5.62 crores and penalty of Rs 66 lakhs.

Voltas Limited informed in regulatory filings that there is no material impact on the financials, operations or other activities of the company due to this penalty and is in the process of filing an appeal against the GST demand order.

The Mumbai based Voltas Limited designs, develops, manufacturers, and sells products including air conditioners, air coolers, refrigerators, washing machines, dishwashers, microwaves, air purifiers and water dispensers was listed in global stock market index MSCI last November.

BSE, Voltas, Alkem Laboratories, Kalyan Jewellers and Oberoi Realty became part of the MSCI Global Index following the rejig with India's weight in the MSCI Emerging Market Index rising from 19.3% to nearly 19.8%, making it the largest gain in basis point.

The MSCI listing of Voltas Limited is expected to attract the highest inflow of $312 million, followed by BSE at $259 million while Kalyan Jewellers, Oberoi Realty, and Alkem Labs are estimated to receive $241 million, $215 million, and $204 million respectively.