Jtekt India Limited — Important, 04-02-2025: General Updates

The Company has received an order from the Office of the Commissioner of Central Goods & Services Tax in Gurugram, disallowing Input Tax Credit amounting to Rs. 14.37 crore (cr) and imposing a penalty of Rs. 28.74 crore (cr) under the CGST Act, alongside interest charges. This ruling pertains to the applicability of GST on expatriates under the Reverse Charge Mechanism. The financial implications are significant, totaling Rs. 43.11 crore (cr). The Company plans to appeal this order to the appellate authority, indicating potential ongoing legal considerations. Investors should watch closely for developments, as this situation could impact financial stability and operational planning.