Maruti Suzuki India (MSI) has encountered a significant challenge. A Haryana GST appeals authority has confirmed a tax demand of ₹139.3 crore. This decision affects the company for the period from July 2017 to August 2022.
The tax demand arises from liabilities under a reverse charge mechanism for certain services. MSI disclosed this information in a regulatory filing on Wednesday. Notably, the company had already settled this tax amount before the show-cause notice was issued on September 28, 2023.
In response to the appellate order, MSI plans to file an appeal with the Tribunal. The carmaker reassured stakeholders that this order would not greatly impact its financial or operational activities.
On the stock market, Maruti Suzuki shares rose by 0.35%, closing at ₹11,963.15 each on the BSE.
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