Eicher Motors gets a cut of more than Rs 100 crore in GST demand
Eicher Motors on Friday said that the GST demand orders served to it in December 30, 2023 from the office CGST and Central Excise, Chennai, has been revised to Rs 26.97 crore from Rs 129.79 crore, following an appeal by the automaker.
The cut, amounting to over Rs 100 crore, pertains to the non-reversal of input tax credit on returned materials in FY18, which the company had originally accounted for by paying output tax liability.
The original order included tax demand of Rs 117.99 crore and penalty of Rs 11.79 crore. This has now been revised to Rs 24.52 crore and penalty of Rs 2.45 crore, the company said in an exchange filing.
In December last year, the company had also informed that the officer has disallowed certain GST credit and raised GST demand, largely on account of the difference in GST credit mismatch between the company's GST availment and details reported by suppliers in their GST returns.
