Mahindra Logistics Limited has informed the Exchange about intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 w.r.t GST. Detailed intimation in this regard is attached.
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Mahindra Logistics has received an order from the Deputy Commissioner of GST, Haridwar (Uttarakhand) imposing a tax demand of Rs. 1.58 crore, interest of Rs. 1.53 crore, and a penalty of Rs. 1.58 crore, totaling about Rs. 4.68 crore. The order relates to the alleged excess Input Tax Credit claimed by the company for FY 2020-2021 under the Uttarakhand GST Act, CGST Act, and IGST Act. The company plans to appeal at the next adjudicating authority/tribunal level. Based on legal advice, Mahindra Logistics is hopeful of a favorable outcome and does not expect any material impact on its financials or operations.
The penalty amount is not material to the company given its scale, and the amount will be shown as a contingent liability. The stock is unlikely to see significant impact as the order is being contested and the company expects to win on appeal.