Hero MotoCorp said there will be no material impact on the company’s finances, operations or other activities. (Photo: Shutterstock)
Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities.
The company has received an order dated August 17, 2024 for disallowance of input tax credit for the financial year 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing.
The company said the demand for tax is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice.
According to the company’s assessment, the tax claim is not legally sustainable, it added.
The input tax credit rejected by the office of the GST Officer, New Delhi, was legitimately claimed by the company under the provisions of the GST law, but was rejected due to the default of the supplier, which is not attributable to the company, Hero MotoCorp said.
The company will therefore take appropriate action, including filing an appeal, he added.
There is no material impact on the company’s finances, operations or other activities, Hero MotoCorp said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: August 18, 2024 | 11:22 PM IS
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