Timex India Receives GST Notice for FY23 Discrepancies

Timex Group India Ltd has received a notice (Form GST ASMT10) from the Office of the Superintendent, Central Goods and Services Tax, Range 5, Division-1, Noida, indicating discrepancies in the GST return for the financial year 2022-23. The notice highlights potential issues such as excess availment of input tax credit, short payment of tax, and ineligible ITC claims. The company is assessing the matter with legal counsel and plans to file a response within the prescribed timelines. The potential financial exposure is approximately ₹2,64,20,074, excluding applicable interest and penalty.