How much will the company be affected by the action of GST department
Hero Motocorp: The country’s legendary two-wheeler company Hero MotoCorp has received a GST demand notice of Rs 456 crore. The company gave this information on Tuesday. Hero MotoCorp said that he received this GST notice of Rs 456 crore by Rajasthan officials. Hero MotoCorp has shared important information related to the case in an exchange filing. According to the company, he has received an order from the Additional Commissioner of the Central Goods and Services Tax Office in Alwar.
How much will the company be affected by the action of GST department
The company said that in this order, the tax rate on parts and accessories supplied between July, 2017 and March 2024 has been fined Rs 456.06 crore under Section 74 of the disputed Tax Goods and Services Tax Act, 2017. Along with this, equivalent amount of GST and interest applicable on it have also been imposed. Based on the company’s assessment, the demand for tax under both orders is not eligible in the law. The company has decided to take necessary steps, including filing an appeal in this regard. ”Hero MotoCorp said that therefore, there will be no physical impact on the company’s financial, operation or other activities.
Hero MotoCorp shares closed with a decline on Tuesday
Let us tell you that on Tuesday, Hero MotoCorp shares closed at Rs 4237.25 with a big fall of Rs 48.85 (1.14%). The company’s shares closed at Rs 4286.10 on Monday at a price of Rs 4337.90 with a good increase on Tuesday. During the trading yesterday, the company’s shares reached Intrade High of Rs 4345.95 to Intrade Low of Rs 4223.25. Hero MotoCorp’s shares have 52 weeks high 6245.00 and 52 week is Rs 3999.00
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