According to the manufacturer, there are proposed additions and disallowances of Rs 21,597 million related to the returned income, which is the income disclosed by the company in its Income Tax return.
Despite this development, Maruti Suzuki has stated that it intends to challenge the order issued on October 3, and that it does not expect any impact on its business operations or finances. In an exchange filing, the company announced its plan to file objections before the Dispute Resolution Panel.
Earlier, the Goods & Services Tax authorities had issued a show cause notice on September 29. The notice proposed to demand interest, impose a penalty, and appropriate the tax already paid, amounting to Rs 139.3 crore, as stated in another filing by Maruti Suzuki. The company has also confirmed that it will respond to the show cause notice before the Adjudicating Authority. On September 29, the company’s shares closed at Rs 10,327 apiece, which was a decline of 2.37% from the previous closing price of Rs 10,610.60.
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