Timex Group India Limited has submitted a regulatory disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
The disclosure pertains to an order received by the company from the Office of the Superintendent, Central Goods & Service Tax Range 5, Division-I, Noida, Uttar Pradesh-201301. The order, in Form GST ASMT-12, was received on August 29, 2026.
The order intimates that the tax authority has dropped all proceedings against the company after being satisfied with the reply made by the company in response to a Show Cause Notice dated May 25, 2026. No further action is required in the matter.
The proceedings were initiated due to alleged discrepancies in the company's GST return for the Financial Year 2022-23. The specific allegations included:
- Alleged excess availment of Input Tax Credit (ITC) primarily due to differences in reconciliation between various GST returns and underlying data.
- Short payment of tax in respect of outward supplies, on account of differences between outward supplies reported in GST returns and EWB-01 (e-way bill) data.
- Alleged availment of ineligible ITC for place of supply other than Uttar Pradesh for certain transactions where the place of supply had been interpreted differently.
- A requirement to furnish supporting documents and reconciliations to seek additional information and documentation, including credit notes, reversals, and export-related remittances, as part of the ongoing scrutiny process.
The company has explicitly stated that the impact of this order on its financial, operational, or other activities is "Not Applicable," meaning there is no quantifiable monetary impact.
The disclosure was signed by Dhiraj Kumar Maggo, VP-Legal, HR & Company Secretary (ICSI Membership No. F7609), on behalf of Timex Group India Limited.