Hero MotoCorp Faces Rs 456 Crore GST Demand | Latest News
Hero MotoCorp received a GST demand of Rs 456 crore from Rajasthan authorities for disputed tax rates on parts and accessories. The company plans to appeal the demand.
New Delhi, Feb 4 (PTI) Hero MotoCorp on Tuesday said it has received a GST demand of Rs 456 crore from the Rajasthan authorities.
The company has received an order from the Additional Commissioner, Central Goods and Services Tax, Alwar, Rajasthan, imposing a penalty of Rs 456.06 crore under Section 74 of the Central Goods and Service Tax Act, 2017, along with an equivalent amount of GST and applicable interest thereon by disputing the tax rates on the parts and accessories supplied between July 2017 and March 2024, the two-wheeler major said in a regulatory filing.
"Based on the company's assessment, the tax demand is not maintainable in law under both orders. Accordingly, the company shall take appropriate steps, including the filing of appeals," it added.
Therefore, there is no material impact on financials, operations or other activities of the company, Hero MotoCorp stated.
Shares of the company on Tuesday ended 1.14 per cent down at Rs 4,237.25 apiece on BSE.
The company has received an order from the Additional Commissioner, Central Goods and Services Tax, Alwar, Rajasthan, imposing a penalty of Rs 456.06 crore under Section 74 of the Central Goods and Service Tax Act, 2017, along with an equivalent amount of GST and applicable interest thereon by disputing the tax rates on the parts and accessories supplied between July 2017 and March 2024, the two-wheeler major said in a regulatory filing.
"Based on the company's assessment, the tax demand is not maintainable in law under both orders. Accordingly, the company shall take appropriate steps, including the filing of appeals," it added.
Therefore, there is no material impact on financials, operations or other activities of the company, Hero MotoCorp stated.
Shares of the company on Tuesday ended 1.14 per cent down at Rs 4,237.25 apiece on BSE.
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