Incorrect Input Tax News Today

Mahindra & Mahindra has been fined over Rs 14.3 lakh ($20k) for taking incorrect input tax credit during the transition to the GST regime by Mahindra Vehicle Manufacturers, which has since been merged into it. The company is hopeful of a favourable outcome at an appellate level, as it does not expect the order to have any significant financial impact, M&M said in a regulatory filing. The order was given on 20 July, 2023, and the fine must be paid along with interest in line with the appl...

M&M Penalty: Mahindra & Mahindra has been fined over INR 14.3 lakh (USD 20k) for taking incorrect input tax credit during the transition to the GST regime by Mahindra Vehicle Manufacturers, which has since been merged into it. The company is hopeful of a favourable outcome at an appellate level, as it does not expect the order to have any significant financial impact, M&M said in a regulatory filing.