Hero MotoCorp rises despite automaker slapped with Rs 604 cr GST penalty

Hero MotoCorp Share Price: Hero MotoCorp rose nearly one per cent on BSE on Friday despite the automaker slapped with a GST fine worth Rs 605 crore.

The automaker's stock rose by 0.95 per cent to the day's high of Rs 4,565.55 on Friday after closing at Rs 4,522.30 a day before.

The stock of the company was trading higher by 0.63 per cent, or Rs 28.55, at Rs 4,550.85 at 12:23 pm on Friday.

What is GST fine on Hero MotoCorp?

Hero MotoCorp said that the company has received the aforesaid orders/notices pertaining to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore.

This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20.

The company said that it should be filing appeals against the orders with appellate authorities including filing of rectification applications.