Updated May 1st, 2024 at 15:59 IST

Tata Motors faces tax demand of nearly Rs 25 crore

Tata Motors further mentioned that it is currently reviewing the order and intends to exercise its right to file an appeal.

Reported by: Business Desk
Tata Motors | Image:Tata Motors
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Tata Motors on Wednesday said that it has been issued a tax demand of approximately Rs 25 crore, inclusive of penalties and interest, by tax authorities for purportedly underpayment of tax and excess credit availed.

The company received an order from the Sales Tax Officer Class II / AVTO Ward 204, Zone 11, Delhi, dated April 30, 2024, which confirmed the demand arising from alleged underpayment of tax and excessive credit availed under section 73 of the CGST/SGST Act, 2017. Tata Motors stated in a regulatory filing that the total tax amount stands at Rs 14,25,68,173, accompanied by interest of Rs 9,14,15,704, and a penalty of Rs 1,42,56,815.

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Tata Motors further mentioned that it is currently reviewing the order and intends to exercise its right to file an appeal. However, the company asserted that the order's issuance has not resulted in any significant impact on its financial or operational activities.

(With PTI inputs)
 

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Published May 1st, 2024 at 15:52 IST