The company has received an order for disallowance of
The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice.
Based on the company's assessment, the tax demand is not maintainable in law, it added.
The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company,
Accordingly, the company shall take appropriate steps, including filing an appeal, it added.
There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.