Thermax Receives GST Penalty Order ₹3.14 Cr

Thermax Limited received an Assessment Order from Joint Commissioner CGST, Pune on March 30, 2026.
The order levies a penalty of ₹3.14 crore for incorrect HSN classification and lower GST rate application for FY2019-20 to FY2022-23.
Thermax intends to file an appeal challenging the demand; no quantified financial impact disclosed beyond penalty amount.