Hyundai Motor India on Saturday said it has received a tax demand notice of Rs 15 crore from GST authorities. The automaker on February 28 received an order from Additional Commissioner, Central GST Department, Tamil Nadu, for the period FY 2020-21 and FY 2021-22 wherein a tax demand has been raised under Section 73 of Central Goods and Service Tax Act, 2017 and Tamil Nadu Goods and Services Tax Act, 2017, the company said.
The demand is for an amount of Rs 13.46 crore along with a penalty of Rs 1.34 crore and applicable Interest, Hyundai Motor India said in a regulatory filing.
"The company will be filing appeals before appellate authorities within the prescribed timelines. There is no impact on financial, operation or other activities of the company due to this order," it added.
Yesterday, the public sector lender Indian Overseas Bank on Friday (February 28) said it has received a Rs 699.52 crore demand notice from the Deputy Commissioner (ST)-III, Large Taxpayers Unit, Chennai-35, for alleged GST liabilities related to the assessment year 2020-21. The notice, dated February 27, 2025, includes a penalty of Rs 35.26 crore, along with tax and interest.
The demand was issued following an annual scrutiny of GST filings, where authorities identified certain discrepancies. However, the bank has stated that it has a strong case on merits and, based on expert legal opinion, believes the demand lacks legal justification. “We believe that the demand order shall have no material impact on the financials, operations or other activities of the bank,” said IOB in an official statement, claiming the bank believes that the GST demand is without any legal justification.
Last week, a private sector lender, IndusInd Bank, too received a Goods and Services Tax (GST) demand notice amounting to Rs 21.62 crore from the Deputy Commissioner of State Tax in Ahmedabad, Gujarat. The notice cites alleged short payment of GST and outlines various irregularities. The total liability includes penalties. In response, the bank has announced plans to explore filing an appeal. (with inputs from PTI)