UNO Minda Limited has informed the Exchange about Action(s) taken or orders passed
UNOMINDA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
UNO Minda has received an order from the Office of the Commissioner of Goods & Service Tax and Central Excise, Salem, regarding alleged HSN misclassification. For the period November 2017 to March 2020, the company has been asked to pay a tax of about Rs. 42.38 crore and a penalty of Rs. 4.24 crore. For the period April 2020 to October 2023, the demand is Rs. 83.81 crore in tax and Rs. 8.38 crore in penalty, with applicable interest on both. In total, the tax demand is around Rs. 126.19 crore plus about Rs. 12.62 crore in penalty and interest. The company has stated it intends to contest the order on merit and does not foresee any material impact on its financial or operational activities.
Despite the sizeable tax demand (over Rs. 138 crore including penalty and interest), the company believes it has no material financial or operational impact and plans to challenge the order. The market reaction will depend on the credibility of the company's legal defence and any future adverse rulings.