Hyundai Motor India Limited — Important, 26-11-2024: General Updates

Hyundai Motor India Ltd. has received a show cause notice from the Maharashtra State Tax Authority regarding claims of excess Input Tax Credit (ITC) for the financial year 2020-21. The notice alleges discrepancies between the claimed ITC in GSTR 3B/9 and the confirmations in GSTR 2B/8A. The total amount mentioned in the notice includes Rs. 27.41 million towards tax and Rs. 22.79 million in interest. The company plans to respond to the notice within the designated timeframe. Notably, management indicates that this issue will not impact the company's financial or operational activities. Investors should watch this situation closely, as timely resolution is crucial for minimizing any potential risks.