Apollo Tyres Ltd disclosed that it has been served with a tax demand and penalty amounting to Rs 2.06 crore by the GST authority in Tamil Nadu. The issue mainly revolves around the company's utilization of ITC and other related matters.
According to a regulatory filing by Apollo Tyres, the Deputy Commissioner in Tamil Nadu issued an order under the GST Act, demanding the payment of GST along with levying a consequential penalty of Rs 2.06 crore.
Apollo Tyres clarified that it intends to contest this decision and will file an appeal before the appellate authority in the due course of time. However, the company emphasized that this issue is not expected to have any significant impact on its financial standing, operational activities, or other aspects of its business.
This development underscores the importance of meticulous compliance with GST regulations and the potential financial implications for companies found in violation of such provisions.
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