Maruti Suzuki India Receives Adjudication Orders from West Bengal GST Authority
Maruti Suzuki India Limited has received adjudication orders from the West Bengal GST Authority regarding tax demands spanning the period April 2020 to March 2023. The company stated that it will file an appeal against these orders with the first appellate authority.The Adjudication Orders concern three separate matters and include significant financial implications related to the taxes and penalties imposed by the GST Department. Maruti Suzuki India Limited reported that despite the tax demand being confirmed, a portion of the tax demand concerning the availment of GST credit was dropped.
According to the details provided, the key components of the orders are as follows:
| Financial Component | Amount |
|---|---|
| Confirmed Tax Demand | Rs. 34.45 million |
| Penalty Imposed | Rs. 34.45 million |
| GST Credit Demand Dropped | Rs. 0.05 million |
The company has confirmed that there is no major impact resulting from this Adjudication Order on its financial, operational, or other activities.
Maruti Suzuki India Limited intends to challenge the orders and will appeal to the first appellate authority regarding the matters set forth by the West Bengal GST Department.
MARUTI Stock Price Movement
Maruti Suzuki India Limited shares slipped by 1.99% on Monday, settling at ₹13412 after losing ₹273.00 from its previous closing level. The stock saw a total traded volume of 1,358,592 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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