Bosch To Pay ₹77.74 Cr Tax And Penalty For GST Classification

Bosch to Pay ₹77.74 Cr Tax and Penalty for GST Classification

Bosch Limited has received an order affirming the demand for differential tax amounting to ₹77,74,40,283, along with applicable interest and penalties, under Section 74 of the CGST Act, as per the company's filing with the stock exchange.

The Joint Commissioner of Central Tax, Bangalore South Commissionerate, determined that Electronic Control Units should be classified under HSN code 8708, which applies to automobile parts and carries a 28% GST, rather than under HSN 9032, as the company had previously classified them, which would attract an 18% GST rate.

The disclosure was made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.