Science & Environment
Hero MotoCorp gets over Rs 17 crore tax notice…
NEW DELHI: Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities. The company has received an order dated August 17, 2024, for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing.
The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice.
Based on the company’s assessment, the tax demand is not maintainable in law, it added.
The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier’s non-compliance, which is not attributable to the company, Hero MotoCorp said.
Accordingly, the company shall take appropriate steps, including filing an appeal, it added.
There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.
The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice.
Based on the company’s assessment, the tax demand is not maintainable in law, it added.
The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier’s non-compliance, which is not attributable to the company, Hero MotoCorp said.
Accordingly, the company shall take appropriate steps, including filing an appeal, it added.
There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.
