Mahindra Holidays receives GST show cause notice worth Rs 9.78 crore
MHRIL · price
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On the reaction day the stock moved in line with Nifty Microcap 250 and 0.5 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 received a show cause notice from the Assistant Commissioner of Commercial Taxes (Audit), Madikeri on 1 September 2026. The notice demands Rs 9.78 crore for FY 2022-23, covering tax of Rs 6.23 crore, interest of Rs 2.92 crore and penalty of Rs 62.84 lakh, under the Karnataka and Central GST Acts. The dispute relates to ITC claims in GSTR-3B, ineligible ITC and tax discharged on supplies under GSTR-7 and GSTR-8. The company says this will not have any material financial impact and is taking steps before the appropriate authority.
Demand is under Rs 10 crore and company says it will not have material financial impact. Stock reaction likely muted, but final outcome remains uncertain.