Hyundai Motor India gets Rs 5 crore demand from Maharashtra tax authority

2 hours ago 1

Hyundai Motor India Ltd connected Tuesday said it has received a amusement origin announcement with request of implicit Rs 5 crore, including interest, from Maharashtra State Tax Authority for alleged excess input taxation recognition claim.

In a regulatory filing, Hyundai Motor India Ltd (HMIL) said connected Monday, November 25, it received amusement origin announcement from Maharashtra State Tax Authority alleging "excess ITC claimed" is not confirmed arsenic per norms and successful RCM (reverse complaint mechanism) taxation paid by the company.

"The full request magnitude mentioned successful the amusement origin announcement is Rs 2.741 crore towards taxation and Rs 2.279 crore towards interest," it added.

HMIL said it volition beryllium filing a reply to the amusement origin announcement earlier the adjudicating authorization wrong the prescribed timelines.

"There is nary interaction connected financial, cognition oregon different activities of the institution owed to this amusement origin notice," it added.

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