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Airtel subsidiary fined for suspected tax credit irregularity: Report

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In Short:

Bharti Airtel Group’s Telesonic Networks is facing a penalty for irregularly claiming input tax credit under the Central Goods and Services Tax Act in Bengaluru. The penalty amounts to Rs. 2,19,873 for alleged irregularities during the financial year 2018-19. Bharti Airtel does not agree with the order and plans to take action. The penalty is the main financial impact mentioned in the regulatory filing.

Bharti Airtel Group firm Telesonic Networks has been penalised for alleged irregularity in claiming input tax credit, as per a regulatory filing.

Penalty Imposed

Bharti Airtel informed stock exchanges that the office of the Assistant Commissioner of Commercial Taxes (Audit) in Bengaluru has passed an order under the Central Goods and Services Tax Act against a subsidiary of the company, imposing a penalty of Rs 2,19,873.

Reason for Penalty

According to the filing, the penalty was levied for “alleged irregular input tax credit claimed during the financial year 2018-19” on Telesonic Networks, a subsidiary of the company. The order was received on March 30.

Company’s Response

“The maximum financial impact is to the extent of the penalty levied. The company does not agree with the order and will take appropriate action(s) for the same,” the filing noted.

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