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Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about Rs 16 crore, says a report
Indian tax authorities are investigating motorcycle maker Hero MotoCorp's relationship with a vendor suspected of reporting about 900 million rupees in false expenditure, two sources familiar with...
India's Directorate General of Goods and Services Tax Intelligence is investigating motorcycle manufacturer Hero MotoCorp over its connection with vendor Salt Experiences, suspected of false expenditure reporting of around Rs 900 million ($10.87m). The investigation coincides with a separate exercise by Indias Directorate of Enforcement, which searched 12 premises operated by Hero MotoCorp and founding shareholder Pawan Kant Munjal, seizing $3m in assets.
India's MCA is also investigating Hero MotoCorp's relationship with Salt Experiences in a case related to alleged diversion of funds, two government sources told Reuters in June, adding it was looking into whether the motorcycle maker controls Salt Experiences.
Based on the alleged fake spending by vendor Salt Experiences, Hero MotoCorp received a tax credit, leading to suspected tax evasion of about 160 million rupees, one of the two sources said, speaking on condition of anonymity.