Hyundai Motors India said in a press release that they have received a show cause notice from Maharashtra State Tax Authority, demanding 5 Crore for allegedly excess input tax credit claim. The demand from the State Tax Authority in the show cause notice is Rs 2.741 Cr for the taxes and Rs 2.779 Cr for the interest. Meanwhile, Hyundai Motor India said they will be filing a reply for the show cause notice within the prescribed limits. However, the HMIL said there is no impact on the financial operations and other activities of the company due to this show cause notice.
What Hyundai Said?
“Show Cause Notice has been issued by Maharashtra GST Department for the FY 2020-21 alleging “Excess ITC claimed in GSTR 3B/9 which is not confirmed in GSTR 2B/8A of GSTR 9 & RCM tax‟ paid by the company. The total demand amount mentioned in Show Cause Notice is Rs. 27.41 million towards Tax and Rs. 22.79 million towards Interest,” said HMIL in a press release
“The company will be filing 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,” added HMIL.
Notably, Hyundai Motor India is the second largest automobile manufacturer in India. It is a subsidiary of the Hyundai Motor Company, South Korea. Hyundai Motors offers a range of their vehicles in India which include Creta, Venue, Grand I10 NIOS , I20, Kona electric, Verna , Elantra and Tucson etc. Additionally, Hyundai Motors has a widespread network of sales and services across India. They have almost 500 dealerships and 1300 service centres across India. Recently they have received a show cause notice demanding 5 Crore.
