Hyundai Faces Rs 5 Cr Tax Demand from Maharashtra

26 Nov 2024 , 03:06 PM

Hyundai Motor India Ltd. announced on Tuesday that the Maharashtra State Tax Authority has sent it a show-cause notice for an alleged excess input tax credit claim, demanding more than Rs 5 crore, including interest.

Within the allotted time, HMIL stated that it would respond to the show cause notice before the adjudicating authority.

“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 stated.

Hyundai Motor India Ltd. (HMIL) stated in a regulatory filing that on Monday, November 25, the Maharashtra State Tax Authority sent them a show-cause notice, claiming that the “excess ITC claimed” was not verified in accordance with the rules and in the RCM (reverse charge mechanism) tax that the business had paid.

“There is no impact on financial, operation or other activities of the company due to this show cause notice,” it stated.

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