Footwear giant Bata India disclosed receiving a notice from the State Tax Officer, Anna Salai Assessment Circle, Chennai, stating a sum of Rs 60.56 crore. This notice, dated 27 December 2023, follows a final audit report issued on 25 December, concerning the 2018-19 financial year, as detailed in the filing to the bourses.
The audit report highlighted various discrepancies, including turnover variations in monthly GST returns, differences in tax on outward supplies in the GSTR-9 & GSTR-9C returns, excessive Input Tax Credit (ITC) availed and ITC Reversal on credit notes.
Bata India initially received the audit notice on 27 April 2023 and promptly submitted relevant documentation in response. Following this, the company had a personal hearing on 10 January 2024, to present its case and offer additional information regarding the disputed matters, as confirmed in the filing.
Despite the notice, Bata India expressed confidence in its ability to effectively address the concerns with the relevant authorities. The company remains optimistic, stating that it believes in its capability to handle the matters without significant financial repercussions.
