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Bajaj Electricals Ltd on Friday said it has received a demand of Rs 14.08 crore from GST authority in Punjab for alleged mismatch in input tax credit (ITC) claimed by it. In a regulatory filing, Bajaj Electricals Ltd said it has received an assessment order dated February 20, 2025, from the Office of the Assistant Commissioner, Mohali, Punjab alleging liability on reverse charge mechanism, a mismatch in the input tax credit (ITC) claimed by it during FY 2020-21. "Consequently, a total demand of Rs 14.08 crore has been imposed on the company, which includes an alleged tax demand of Rs 7.45 crore, interest of Rs. 5.89 crore, and a general penalty of Rs 75 lakh," it said. The company is currently exploring various legal options and necessary steps, including filing an appeal before the relevant appellate authority, the filing said, adding there is no impact on financial operations or any other activities due to this.
Bajaj Auto Ltd on Friday said it has been imposed penalty and interest of over Rs 10 crore by the tax authority in a matter related to differential GST on classification of instruments cluster and will legally challenge it. The Joint Commissioner, Central GST, Pune -- II Commissionerate passed an order confirming classification of instruments cluster under HSN code 8708/8714 for the period July 2017 to March 2022, as against classification of 9029 adopted by the company, Bajaj Auto said in a regulatory filing. "The order has confirmed demand of differential GST amounting to Rs 10,03,91,402. The Joint Commissioner has appropriated and adjusted the said demand against the tax deposited by the company," it said. Bajaj Auto further said, "the order has also confirmed applicable interest and equivalent penalty of Rs 10,03,91,402 and general penalty of Rs 25,000, resulting in an overall penalty of Rs 10,04,16,402." The company said it "believes that the order passed by the Joint ...
Bajaj Auto Ltd on Monday reported a 5 per cent on-year growth in total vehicle sales, including exports, at 4,21,640 units in November. The Pune-based automaker had sold 4,03,003 units in November 2023, according to a company statement. Total domestic sales (including commercial vehicles) declined 7 per cent at 2,40,854 units in the previous month, as compared to 2,57,744 units sold in the same month last year. Total exports during the month under review rose 24 per cent at 1,80,786 units, from 1,45,259 vehicles shipped out to overseas markets in November 2023, according to the statement. The total two-wheeler volume (domestic and exports) in November 2024 stood at 3,68,076 units, an increase of 5 cent over 3,49,048 units sold in the same month of last year, Bajaj Auto said. Domestic two-wheeler sales declined 7 per cent to 2,03,611 units, from 2,18,597 units in November 2023. The two-wheeler exports logged a 26 per cent year-on-year growth at 1,64,465 vehicles in November, as ..
The biggest difference between established brands and many startups and is while the former build strategy, brand, and technology, the latter are more like upstarts that end up burning the same things, Bajaj Auto Managing Director Rajiv Bajaj said on Thursday. "There are three terminologies here. Startup; then there is a word which I like to call most of them, which is upstart. Then us, the winners or the champions," Bajaj said while speaking at the CNBCTV18 Global Leadership Summit here. He said those who enter a market without a strategy are "upstarts" and end up burning everything -- from their brand and technology to products. "Upstarts are those who don't have a build-strategy. They have a burn strategy. They burn technology -- their batteries. They burn brands by reducing price every month. They burn products in their factory, in the trucks, at the dealerships, on the road," he said. On the contrary, he said, "startups are those who have built a strategy. They build technolog
Bajaj Auto Ltd on Monday said it will need to increase its provision for deferred tax by Rs 211 crore due to the withdrawal of indexation benefit and change in the tax rate on long-term capital gains on debt mutual fund. The company invests its surplus funds into a range of asset classes, including debt mutual funds. It was making accounting provisions for deferred tax as per applicable law on fair value gains on these investments, Bajaj Auto said in a regulatory filing. A one-time impact will be made while computing the profit after tax, and reporting the financial results for Q2 of FY25, it added. Bajaj Auto said the Finance (No 2) Act 2024 withdraws the indexation benefit on long-term capital gains on debt mutual funds purchased before 1 April 2023. "Further, the tax rate with respect to long-term capital gains for the said asset class has been changed from 20 per cent plus surcharge and cess (with indexation) to 12.5 per cent plus surcharge and cess (without indexation)," it ..