Uno Minda gets reduced GST demand of about Rs 5.52 Cr in appeal

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AI summary

Uno Minda's appeal against an earlier GST order on excess input tax credit and unpaid GST on apprentice training income from merged entity Harita Fehrer has been partly allowed. The Pr. Commissioner (Appeal-II), Central GST, Chennai reduced the demand to Rs 5.02 Crore in tax plus Rs 0.50 Crore in penalty, with interest as applicable. The company plans to contest further and states there is no material impact on operations or financials.

Likely market impact

Partial relief in appeal cuts the GST demand; company will contest further and says no material financial or operational impact.