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Days after IPO launch, Hyundai Motor India gets Rs 50000000 demand due to...
The company said there is no impact on financial, operation or other activities of the company due to this show cause notice.
Updated : Nov 26, 2024, 04:52 PM IST
 "Days after IPO launch, Hyundai Motor India gets Rs 50000000 demand due to...")
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Hyundai Motor India Ltd has said it has received a show cause notice with a demand of over Rs 5 crore, including interest, from the Maharashtra State Tax Authority for an alleged excess input tax credit claim. In a regulatory filing, Hyundai Motor India Ltd (HMIL) said on Monday, November 25, it received a show cause notice from the Maharashtra State Tax Authority alleging "excess ITC claimed" is not confirmed as per norms and in RCM (reverse charge mechanism) tax paid by the company.
"The total demand amount mentioned in the show cause notice is Rs 2.741 crore towards tax and Rs 2.279 crore towards interest," it added. HMIL said it will be filing a reply to the show cause notice before the adjudicating authority within the prescribed timelines. "There is no impact on financial, operation or other activities of the company due to this show cause notice," it added.
Currently, the market cap of the company is Rs 1.53 lakh crore. The automaker was listed on the Indian stock market in a landmark Initial Public Offering (IPO), the largest in India’s history in October 2024. It debuted on Indian bourses at a discount of about 1.5% to the issue price of Rs 1,960 at Rs 1,931 and Rs 1,934 on the BSE and NSE respectively.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
