Lumax Auto Tech GST Demand Cut, Firm Plans Further Appeal

An announcement from Lumax Auto Technologies Limited ( (IN:LUMAXTECH) ) is now available.

Lumax Auto Technologies has received an Order-in-Appeal from the Joint Commissioner of State Tax, Pune Division-2, partly allowing its first appeal against a previous GST adjudication for the April 2019 to March 2020 period. The tax demand, including interest and penalty, has been cut sharply to Rs. 1.03 crore from Rs. 3.52 crore, easing the immediate liability on the company.

The demand had arisen over tax allegedly not paid, short paid, erroneously refunded, or input tax credit wrongly availed or utilized under the Maharashtra GST and IGST framework. Acting on the advice of its tax advisors, Lumax Auto Technologies plans to challenge the appellate order further before the appropriate tribunal, leaving the final financial impact contingent on the outcome of the next stage of litigation.

More about Lumax Auto Technologies Limited

Lumax Auto Technologies Limited operates in India’s automotive components sector, supplying a range of auto parts and systems to vehicle manufacturers and the aftermarket. The company’s business is closely linked to regulatory frameworks, including indirect tax regimes such as the Goods and Services Tax, which can influence its financial obligations and compliance costs.

Average Trading Volume: 16,063

Technical Sentiment Signal: Buy

Current Market Cap: 111.5B INR

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