Tax & Penalty11 May 2026, 07:31 pm
Timex India: GST Notice for FY23 Discrepancies
AI Summary
Timex Group India Ltd has received a notice (Form GST ASMT-10) from the CGST Range - Baddi II, regarding discrepancies in GST returns for FY 2022-23. The notice highlights differences in outward taxable liability reported in GSTR-3B versus E-way bills and excess input tax credit (ITC) availed in GSTR-3B compared to GSTR-2A/2B. The company is assessing the impact and preparing a response with legal counsel. The potential financial impact includes interest and penalties on ₹22,98,108 related to outward tax liability and ₹43,32,449 related to excess ITC.
Key Highlights
- Timex India received GST notice (Form GST ASMT-10) for FY23 discrepancies.
- Discrepancies relate to GSTR-3B vs E-way bills and excess ITC claims.
- Potential impact: Interest and penalties on ₹22.98 Lakh and ₹43.32 Lakh.
- Company is assessing impact and preparing response with legal counsel.