Mahindra Holidays & Resorts India Ltd on Saturday said it has received a demand of over Rs 17.5 crore from GST authority in Chennai over an alleged mismatch in turnover and reversal of input tax credit related matter.
The company has received a demand order from the Commercial Tax Officer, Anna Salai, Chennai for FY 2020-21 of Rs 17,59,15,319, including interest of Rs 6,12,61,348 and penalty of Rs 1,11,04,906 at the rate of 10 per cent under applicable provisions of the TNGST Act, 2017 & CGST Act, 2017 & IGST Act, 2017, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a regulatory filing.
“The order has been passed primarily on account of mismatch in turnover, reversal of input tax credit, reversal of input tax credit due to cancelled GSTIN of vendors and reduction in liability for credit notes,” it said.
Considering the merits of the case, the company intends to file an appeal before appropriate authority in this regard, MHRIL said, adding based on its assessment and advice of the counsel, it does not expect the order to have any material financial impact on the company.
