GST Demand For Eicher Motors Reduced To Rs 27 Crore On Appeal
The matter pertains to non-reversal of input tax credit on material returned, instead of output tax liability paid by the company for 2017-18.
Eicher Motors Ltd. announced that a GST demand order from the Tamil Nadu tax authority has been reduced to Rs 26.97 crore from an original Rs 129.79 crore following an appeal.
The initial demand, issued by the Additional Commissioner of the Chennai North Commissionerate on Dec. 30, 2023, included Rs 117.99 crore in tax and Rs 11.79 crore in penalties.
"As a result of the appeal filed by the company against the above GST demand order, the demand order is now revised from Rs 129.79 crore to an aggregate amount of Rs 26.97 crore, which include tax demand of Rs 24.52 crore and penalty of Rs 2.45 crore," Eicher Motors said in a regulatory filing.
The matter pertains to non-reversal of input tax credit on material returned, instead of output tax liability paid by the company for 2017-18.
"Based on the company's assessment, the aforesaid revised demand is not maintainable and the company is evaluating all options including filing an appeal against the order," Eicher Motors said, adding it does not envisage any relevant impact on its financials, operations or other activities.
(With inputs from PTI)
