BHEL receives orders from GST authorities

Bharat Heavy Electricals Limited (BHEL:BSE) announced that it has received orders from GST authorities. The orders relate to alleged excess ITC claims and non-reversal of ITC for FY 2020-21. One order from Joint Commissioner, Circle-D, Kota imposes a demand of ₹12,350,706 on ITC claims, interest of ₹9,888,943 and a penalty of ₹1,235,071. Another order is from the Deputy Commissioner-B, Business Audit, Wing-1, State Tax, Rajasthan, imposes a demand of ₹17,94,395 on non-reversal of ITC, interest of ₹14,15,849 and a penalty of ₹1,79,438. BHEL stated that while the orders currently will not have material impact on its financials, the company plans to appeal and file for rectification under RGST Act, 2017.