TVS Electronics discloses developments in material litigation

TVS Electronics (BSE:TVSELECT) announced developments in a material litigation, stemming from a GST assessment order dated April 29, 2024, received from the Office of the Circle Officer, Kolkata South Circle. The dispute involves a demand raised by the department for the fiscal year 2018-19 concerning alleged short payment of tax against outward supply and excessive input tax credit (ITC) claims. The expected financial implications are estimated at INR77.79 Lakhs, including interest and a penalty of INR45.37 Lakhs. The company has filed an appeal with the Special Commissioner of Revenue, Appellate Authority, and received a demand order dated June 18, 2025. TVS Electronics is currently in the process of filing an appeal with the Appellate Tribunal. The original intimation regarding this matter was dated May 1, 2024.