Hyundai Motor India Faces Rs 15 Crore GST Tax Demand

Hyundai Motor India has received a Rs 15 crore tax demand from GST authorities for financial years 2020-21 and 2021-22. The demand, issued by the Central GST Department, includes a penalty. The company plans to appeal and stated there is no impact on its operations or finances.

Hyundai Motor India has been hit with a tax demand notice worth Rs 15 crore, issued by GST authorities on Saturday. The notice pertains to alleged taxation discrepancies during the fiscal years 2020-21 and 2021-22, as outlined by the Additional Commissioner from the Central GST Department in Tamil Nadu.

The notice requires Hyundai to pay Rs 13.46 crore in taxes along with a penalty of Rs 1.34 crore and the applicable interest, according to the company's disclosure in a regulatory filing. The demand falls under Section 73 of the Central Goods and Services Tax Act, 2017, as well as the Tamil Nadu Goods and Services Tax Act, 2017.

Despite the demand, Hyundai Motor India stated that it is preparing to file appeals within the prescribed timelines set by authorities. The company assured stakeholders that the notice would not affect its financial, operational, or other business activities.

(With inputs from agencies.)