Gujarat has issued a GST demand on Maruti Suzuki of Rs 1.8 crore, stock up 0.2%

5 Oct 2023 , 01:55 PM

On Wednesday, October 4, the automaker Maruti Suzuki India Ltd (MSIL) announced that the Gujarat GST authorities has just issued a show cause notice (SCN).

According to Maruti Suzuki India in a regulatory filing, the SCN, dated September 29, 2023, relates to the reconciliation of tax returns submitted by the firm and covers the time period from July 2017 to March 2018.

A total demand amount of Rs 1.79 crore is specified in the SCN released by the Gujarat GST Department. Maruti Suzuki has declared its determination to provide a thorough response to the adjudicating authorities in response to this notice.

According to Maruti Suzuki, the company is dedicated to following the law and attending to any issues that the authorities may raise.

Maruti Suzuki announced on Tuesday, October 3, that it has received a draft assessment order from the Income Tax Department for the fiscal year 2019–20.

This assessment order lists a number of additions and disallowances for the firm’s returned revenue, which shows the income that the company reported in its income tax return for that fiscal year, totaling Rs 2,159.7 crore.

Maruti Suzuki has already made it clear that the draft assessment order won’t have any effect on the business’s finances, operations, or other operations.

When the assessment proceedings are over, the assessing officer issues a draft assessment order that includes the entire amount of income or loss, the amount of tax that is due or refundable, and other pertinent information.

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