Mahindra Holidays gets GST show cause notice worth about Rs 11.34 crores
MHRIL · price
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On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 0.3 pts less than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Mahindra Holidays and Resorts India has received a Show Cause Notice from the Central GST Audit Commissionerate in Dehradun, demanding about Rs 11.34 crores (including tax of about Rs 11.33 crores and penalty of Rs 50,000) for short payment of GST on services in Uttarakhand for FY 2020-21 to 2023-24. The company says it does not expect any material financial impact based on its own assessment and counsel advice, and is taking legal steps to contest the notice.
Stock may see short-term volatility; company believes impact is not material and is contesting the notice.