₹5 crore tax notice to Hyundai India: Maharashtra State Tax Authority sent this show cause notice to the company

Hyundai Motor India Limited (HMIL), one of the country’s leading automobile manufacturers, has received a tax notice of more than Rs 5 crore. The Maharashtra State Tax Authority has sent this show cause notice to the company for irregularities in the input tax credit (ITC) claims for the financial year 2020-21.

According to the notice, the tax authority has alleged that the company has not made the tax payment. Due to this, a total demand notice of Rs 2.74 crore has been sent to the company. Apart from this, the company will also have to make an interest payment of Rs 2.27 crore.

Hyundai Motor India has clarified in the information given to NSE and BSE under Section 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 that the company will respond to the notice within the stipulated time limit.

The notice will have no effect on the financial activities of the company

Hyundai Motor India further said that this notice will have no effect on the financial, operational and other activities of the company. This issue is related to routine compliance. Hyundai plans to resolve the matter through proper channels with the authority.

Hyundai Motor India is headquartered in Gurugram, Haryana. It is the Indian subsidiary of South Korean automotive giant Hyundai Motor. Hyundai is a major company in the Indian automobile market.

Hyundai India’s profit decreased by 16% in the second quarter

Hyundai Motor India has a consolidated net profit of Rs 1,375 crore in the second quarter of FY 2024-25. It has decreased by 16.5% on an annual basis. The company had a profit of Rs 1,628 crore in the same quarter a year ago. Hyundai India has released quarterly results for the first time after being listed on BSE-NSE.