NEW DELHI: Hero MotoCorp on Sunday mentioned it has acquired a demand discover of over Rs 17 crore from Delhi GST authorities.
The corporate has acquired an order dated August 17, 2024, for disallowance of enter tax credit score for FY 2019-20 from the Workplace of the GST Officer, govt of NCT of Delhi, the two-wheeler main mentioned in a regulatory submitting. The corporate mentioned the tax demand is for Rs 9,38,66,513, curiosity Rs 7,32,15,880 and penalty Rs 93,86,651 as per the discover.
Primarily based on the corporate’s evaluation, the tax demand will not be maintainable in regulation, it added.
The enter tax credit score disallowed by the workplace of the GST officer, New Delhi, was rightfully claimed by the corporate as per the provisions of the GST regulation however disallowed on account of the provider’s non-compliance, which isn’t attributable to the corporate, Hero MotoCorp mentioned.
Accordingly, the corporate shall take applicable steps, together with submitting an enchantment, it added.
There is no such thing as a materials impression on financials, operations or different actions of the corporate, Hero MotoCorp mentioned.
The corporate has acquired an order dated August 17, 2024, for disallowance of enter tax credit score for FY 2019-20 from the Workplace of the GST Officer, govt of NCT of Delhi, the two-wheeler main mentioned in a regulatory submitting. The corporate mentioned the tax demand is for Rs 9,38,66,513, curiosity Rs 7,32,15,880 and penalty Rs 93,86,651 as per the discover.
Primarily based on the corporate’s evaluation, the tax demand will not be maintainable in regulation, it added.
The enter tax credit score disallowed by the workplace of the GST officer, New Delhi, was rightfully claimed by the corporate as per the provisions of the GST regulation however disallowed on account of the provider’s non-compliance, which isn’t attributable to the corporate, Hero MotoCorp mentioned.
Accordingly, the corporate shall take applicable steps, together with submitting an enchantment, it added.
There is no such thing as a materials impression on financials, operations or different actions of the corporate, Hero MotoCorp mentioned.
