Hero MotoCorp. on Sunday received a tax demand notice of Rs 17. 6 crore from Delhi tax authorities. The company received an order from the Delhi GST office, rejecting its input tax credit claim for the fiscal 2020, according to an exchange filing.
The company received a tax demand notice of Rs 9.38 crore including an interest of Rs 7.32 crore and penalty of Rs 93.86 lakh, it said. The demand notice will not have any material impact on financials or the operations of the two-wheeler company, said the filings.
According to the company's assessment, the tax demand is not maintainable in law so the company will take the required steps along with fining an appeal, it said.
Shares of Hero MotoCorp. closed 1.02% higher at Rs 5125.80 apiece, compared to a 1.68% rise in the benchmark BSE Sensex.
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