Hyundai Motor India slapped with ₹15cr tax demand notice
What's the story
Hyundai Motor India has received a tax demand notice of ₹15 crore from the Goods and Services Tax (GST) authorities. The order, dated February 28, was issued by the Additional Commissioner of the Central GST Department in Tamil Nadu. It relates to the fiscal years 2020-21 and 2021-22, according to a regulatory filing by Hyundai.
Figures
Tax demand breakdown and Hyundai's response
The tax demand notice comprises ₹13.46 crore in taxes, a penalty of ₹1.34 crore, and applicable interest. The order was passed under Section 73 of the Central Goods and Service Tax Act, 2017 as well as the Tamil Nadu Goods and Services Tax Act, 2017. In response to this notice, Hyundai has announced its intention to appeal against the order within the prescribed timelines.
Business continuity
Hyundai assures no impact on operations due to tax notice
Despite the tax demand notice, Hyundai has assured that its financial and operational activities will remain unaffected. The company said, "There is no impact on financial, operation or other activities of the company due to this order." The statement was made in a regulatory filing by the automaker, after it received the tax demand notice from GST authorities.