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Hyundai Motor India Ltd has received a show cause notice from the Maharashtra State Tax Authority demanding over Rs five crore along with interest for alleged excess 'input tax credit' claim. 'Input Tax Credit' or ITC is the tax that a business pays on purchases and sales.
New Delhi. Hyundai Motor India Ltd has received a show cause notice from the Maharashtra State Tax Authority demanding over Rs five crore along with interest for alleged excess 'input tax credit' claim. 'Input Tax Credit' or ITC is the tax that a business pays on purchases and sales. Hyundai Motor India Limited (HMIL) said in a stock exchange filing on Monday November 25 that it has received a show cause notice from the Maharashtra State Tax Authority.
In which it is alleged that the “additional ITC claimed” is not as per the norms and the RCM (Reverse Charge Mechanism) tax paid by the company. “The total demand amount mentioned in the show cause notice includes tax of Rs 2.741 crore and interest of Rs 2.279 crore,” it said. HMIL said it will file its reply to the show cause notice before the tribunal within the stipulated time limit. The company said, “There will be no impact on the financial, operational or other activities of the company due to this show cause notice.”
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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