Hyundai Motor India Ltd has been served with a ₹517.34-crore GST cess demand and penalty by the Commissioner (Appeals), CGST Dept, Tamil Nadu on short payment of GST Compensation Cess on certain SUV Models.
The company in a notification to the National Stock Exchange said that the Department has sent GST Compensation Cess demand of ₹258.67 crore, along with penalty of ₹258.67 crore. The allegation is of short payment of GST Compensation Cess on certain SUV Models for the period September 2017 – March 2020, the company said.
The order will have no impact on the financial, operation or other activities of the company, the communication said. The company is reviewing the order and will exercise the right to file an appeal, it added.
HMIL’s stock price on the NSE closed at ₹2,116, down by ₹17.30 (0.81 per cent).
Source from: https://www.thehindubusinessline.com/companies/hyundai-motor-india-served-517-crore-gst-demand/article69842561.ece
