On Thursday (April 4, 2024) Hero MotoCorp received a GST notice worth Rs 605 crore for the assessment years 2013-14 to 2017-18 and 2019-20.
It shall be filing appeals against the orders with appellate authorities, the automaker stated.
HeroMotoCorp filed for the development minutes post-closing of the stock market on Thursday, where the automaker’s stock closed lower by 0.66 per cent, or Rs 29.90, at Rs 4,526.40.
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Automaker mentioned that “The Company has received the aforesaid orders/notices pertaining to six assessment years, amounting to a tax demand of Rs. 308.65 crore and interest thereon of Rs. 296.22 crore. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20.”
Hero MotoCorp cited, “The Company shall be filing appeals against the orders with appellate authorities including the filing of rectification applications. In the opinion of the Management, the demand raised is unsustainable in nature, and is unlikely to have a material impact on financials, operations or other activities of the company.”