Hyundai Motor India gets Rs 5 crore demand from Maharashtra tax authority
In a regulatory filing, Hyundai Motor India Ltd (HMIL) said on Monday, November 25, it received show cause notice from Maharashtra State Tax Authority alleging excess ITC claimed is not confirmed as per norms and in RCM (reverse charge mechanism) tax paid by the company.
Hyundai Motor India Ltd on Tuesday said it has received a show cause notice with demand of over Rs 5 crore, including interest, from Maharashtra State Tax Authority for alleged excess input tax credit claim.
In a regulatory filing, Hyundai Motor India Ltd (HMIL) said on Monday, November 25, it received show cause notice from Maharashtra State Tax Authority alleging "excess ITC claimed" is not confirmed as per norms and in RCM (reverse charge mechanism) tax paid by the company.
"The total demand amount mentioned in the show cause notice is Rs 2.741 crore towards tax and Rs 2.279 crore towards interest," it added.
HMIL said it will be filing a reply to the show cause notice before the adjudicating authority within the prescribed timelines.
"There is no impact on financial, operation or other activities of the company due to this show cause notice," it added.
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