GST order sets Rs 4.96 crore demand and equal penalty
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The Gurugram GST authority confirmed a Rs 4.96 crore demand for two-wheeler seats for FY 2020-21 to January 2024 and imposed an equal Rs 4.96 crore penalty plus interest. The issue concerns the classification and GST rate for two-wheeler seats. The company had already deposited the demand while contesting it and plans to appeal. Management expects a favourable outcome.
A further Rs 4.96 crore plus interest may be payable if the appeal fails. Management expects a favourable result and sees no current financial or operating impact.