Bajaj Electricals has received a favorable appellate order dated May 11, 2026, from the Office of the Appellate Joint Commissioner of State Tax, Secunderabad, Hyderabad, Telangana, resulting in the complete dropping of an aggregate GST demand of Rs. 22.89 lakh. The order was received by the company on May 11, 2026, at 12:57 p.m., and was disclosed under Regulation 30 of the SEBI Listing Regulations.

Background of the GST Dispute

The matter traces back to an assessment order dated August 31, 2024, issued by the Office of the Deputy Commissioner, Secunderabad STU-1, Telangana, under Section 73 of the CGST/TGST Act, 2017. The original order had raised an aggregate demand against Bajaj Electricals on account of alleged excess Input Tax Credit (ITC) claimed during FY 2019-20. The company had disclosed the receipt of this assessment order to the exchanges on August 31, 2024.

Key Details of the Appellate Order

The following table summarizes the key parameters of the original demand and the appellate outcome:

Company's Submissions Accepted

The Appellate Authority accepted the submissions made by Bajaj Electricals and passed the order in favor of the company, thereby dropping the aggregate demand of Rs. 22.89 lakh, inclusive of the general penalty of Rs. 2.08 lakh. The company has stated that there is no impact on its operational, financial, or other activities on account of this appellate order.

The disclosure was made by Prashant Dalvi, Chief Compliance Officer & Company Secretary (ICSI Membership No.: A51129), in accordance with Regulation 30 read with the applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Bajaj Electricals has disclosed, under Regulation 30 of the SEBI Listing Regulations, that it has received an appellate order dated May 8, 2026, upholding a GST assessment demand of ₹2.69 crore, including a general penalty of ₹0.14 crore, pertaining to FY 2020-21. The appellate order was received by the Company on May 8, 2026, at 2:26 p.m., and was issued by the Appellate Authority & Additional Commissioner of Revenue, State Tax, Large Taxpayer Unit, West Bengal. The disclosure was filed on May 9, 2026, and signed by Prashant Dalvi, Chief Compliance Officer & Company Secretary.

Background of the GST Assessment

The matter originates from an assessment order dated February 28, 2025, issued by the Assistant Commissioner of Revenue, Office of the Special Commissioner, Corporate Division Circle, Directorate of Commercial Taxes, Kolkata, West Bengal, under Section 73 of the West Bengal Goods and Services Tax Act, 2017, read with Section 73 of the Central Goods and Services Tax Act, 2017. The assessment raised an aggregate demand against the Company for FY 2020-21. The key details of the demand are summarised below:

Appellate Order Upholds Assessment Demand

Following the Company's earlier communication dated February 28, 2025, regarding the original assessment order, Bajaj Electricals had pursued the matter through the appellate process. The Appellate Authority & Additional Commissioner of Revenue, State Tax, Large Taxpayer Unit, West Bengal, has now issued an appellate order dated May 8, 2026, upholding the original assessment order in its entirety. The appellate order confirms the aggregate demand of ₹2.69 crore, inclusive of the general penalty of ₹0.14 crore.

Management Response and Legal Remedies

In response to the appellate order, the management of Bajaj Electricals is evaluating appropriate legal remedies available under law. The options under consideration include:

• Filing an appeal before the appropriate appellate tribunal against the Appeal Order
• Initiating writ proceedings before the Hon'ble High Court against the Appeal Order

The Company has clarified that the financial impact of the appellate order, if it materialises, would be limited to the extent of the demand raised and the penalty levied thereunder. Furthermore, the Company has stated that there is no impact on its operational, financial, or other activities on account of this order or assessment. The disclosure has been made in compliance with the applicable provisions of the SEBI Listing Regulations.