Shares of Bata India were trading in the red and 1% lower on 28 December after the company announced in a filing that it had received a notice amounting to Rs 60.56 crore from the State Tax Officer at the Anna Salai Assessment Circle in Chennai.

In its regulatory filing, the company said that the notice dated 27 December 2023 relates to a number of issues brought up in a final audit report on 25 December 25 for the 2018–19 fiscal year.

Concerns raised include variations in the tax on outward supplies reported in GSTR-9 and GSTR-9C returns, variations in the turnover on outward supplies reported in monthly GST returns, excess input tax credits (ITC) claimed, and ITC reversals on credit notes.

The business claimed that on 27 April 2023, it was first sent an audit notice and that it responded with the necessary documentation.

As stated in the filing, Bata India will be granted a personal hearing on 10 January 2024 to make its case and offer more details on the contested issues.

The business gave its assurance that it could successfully defend the case in front of the relevant authorities.

The company said. “It is believed that the company has a good case to defend the matters without any material financial impact.”

At 3:30 pm, the shares of Bata India closed 0.13% lower at Rs 1,637.65 on NSE.