Mahindra & Mahindra Ltd on Friday mentioned it has been imposed a penalty of over INR 14.3 lakh for incorrect enter tax credit score availed throughout the transition from the excise regime to the GST regime by erstwhile Mahindra Automobile Producers Ltd, which has since been merged into it. In a regulatory submitting, the corporate mentioned, based mostly on its evaluation, prevailing regulation and the recommendation of the counsel, it’s hopeful of a beneficial final result on the appellate degree. “The corporate has obtained an order from Joint Commissioner, CGST & Central Excise, Pune-I Commissionerate imposing a penalty of INR 14,31,571 beneath relevant provisions of the CGST Act, 2017 in relation to erstwhile Mahindra Automobile Producers Ltd (MVML),” the submitting mentioned.
It additional mentioned, “The order has been handed on the idea that incorrect enter tax credit score (ITC) has been availed throughout the transition from excise regime to GST regime by MVML, and the authority has ordered for restoration of the identical together with curiosity.”
The order dated July 20, 2023, was obtained by the corporate on August 17, 2023, it added.
, including it doesn’t fairly anticipate the order to have any materials monetary influence on it.
