The two-wheeler maker said in a stock exchange filing on Sunday, August 18 that it has received a notice dated August 17, 2024 from the GST (Goods and Services Tax) officer of the Delhi government regarding disallowance of input tax credit for the financial year 2019-20.
The giant two-wheeler maker has received a notice from the Delhi GST officials regarding a tax demand of over Rs 17 crore.
The company said that as per the notice, Rs 9,38,66,513 has been demanded as tax. Also as interest Rs. 7,32,15,880 and as penalty Rs. 93,86,651 has been demanded. According to the company, based on its assessment, the tax demand under the Act is not significant.
Hero MotoCorp said the company's input tax credit claim is as per GST provisions. However it is rejected due to non-compliance of the supplier and the company is not responsible for the same.
The company will take appropriate action including filing an appeal in this matter. Hero MotoCorp said there was no impact on the financial, operational or other activities of the company.
Shares of Hero Moto Corp rose 2% last Friday to Rs. 5,124 was closed. Shares of the company are up 6% in six months and 25% YTD this year. The company's shares have risen 75% in one year and 95% in five years.
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