Thermax Ltd. Receives Assessment Order from CGST, Pune
Thermax Limited announced it received an assessment order from the Joint Commissioner, CGST, Pune, Maharashtra, on March 30, 2026. The order levies a penalty of 314 million rupees.The assessment relates to the disallowance of a lower Goods and Services Tax (GST) rate due to the incorrect classification of goods under the Harmonized System of Nomenclature (HSN) for the period 2019-20 to 2022-23.
According to a filing, Thermax intends to file an appeal challenging the demand. The company anticipates the action will not have a significant impact on its operations.
Details of the Assessment Order
| Sr. | Disclosure Requirements | Brief Particulars |
|---|---|---|
| 1 | Name of the Authority | Joint Commissioner, CGST, Pune, Maharashtra |
| 2 | Nature and details of the action(s) taken, initiated or order(s) passed; | Order passed levying penalty of Rs 3.14 Cr |
| 3 | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | March 30, 2026 |
| 4 | Details of the violation(s)/contravention(s) committed or alleged to be committed | Disallowance of lower GST rate for goods incorrectly classified under HSN for the period 2019-20 to 2022-23 |
| 5 | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | The Company shall file an appeal challenging the said demand, in due course of time. |
| 6 | Reason for delay | NA |
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