Hero MotoCorp facing tax probe over false expenditure of a vendor

10 Aug 2023 , 10:53 AM

According to two persons familiar with the situation, Indian tax officials are looking into Hero MotoCorp’s relationship with a vendor who is accused of submitting roughly Rs 90 crore ($10.87 million) in fake expenditure.

Hero MotoCorp earned a tax credit based on alleged false spending by vendor Salt Experiences, resulting in suspected tax avoidance of around Rs 16 crore.

However, the company denied any allegations of an ongoing investigation.

According to the sources, Directorate General of Goods and Services Tax Intelligence (DGGI) is carrying out the inspection in this matter.

At around 10.48 AM, Hero MotoCorp was trading 0.71% lower at Rs 3,037.85 per piece, against the previous close of Rs 3,059.70 on NSE. The counter fell to an intraday low of Rs 3,024.

Recently, Hero MotoCorp logged bookings of over 25,000 units of Harley Davidson X440 bikes.

For feedback and suggestions, write to us at [e-mail]