India Hero MotoCorp, the world’s leading two-wheeler manufacturing company, on Sunday shared an important information with the stock market exchanges. Hero MotoCorp said that it has received a tax demand notice of more than Rs 17 crore from GST. The two-wheeler manufacturing company said in a notice to the stock market that it has received an order dated August 17, 2024 from the office of the GST (Goods and Services Tax) officer of the Delhi government in the matter of disallowance of input tax credit for the financial year 2019-20.
Tax demand not admissible under law
Hero MotoCorp said that according to the notice, a demand of Rs 9,38,66,513 has been made as tax. Along with this, Rs 7,32,15,880 has been demanded as interest and Rs 93,86,651 as penalty. Hero MotoCorp says that based on their assessment, the tax demand is not worth considering under the law. Hero MotoCorp said that the company’s claim of input tax credit is as per GST provisions.
The company will take appropriate steps in the matter, including filing an appeal
However, it has been rejected due to non-compliance of the supplier and the company is not responsible for this. The company will take appropriate steps in the matter, including filing an appeal. Hero MotoCorp said that this has not affected the company’s financial, operational or other activities.
Action can be seen in shares
However, this notice sent by GST officials may see some action in the company’s shares. Let us tell you that today there is no holiday in the stock market on the occasion of Raksha Bandhan and work will continue today as usual. Last week on Friday, the Indian stock market saw a good rise. Both BSE Sensex and NSE Nifty 50 closed with a gain of more than 1.50 percent.
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