Quick Summary
Mahindra Mahindra Ltd has disclosed that it is facing a penalty of over Rs 56 lakh for a procedural lapse related to the transfer of Input Service Distributor (ISD) credit from the pre-GST to the GST regime. The penalty pertains specifically to the two-wheeler business segment and is the result of an order issued by the office of the Assistant Commissioner, Division-IV, CGST Central Excise, Ahmedabad South. Background Mahindra Two Wheelers Ltd (MTWL), a subsidiary of Mahindra Mahindra,
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FAQ :
Mahindra & Mahindra has been fined over £56 lakh, specifically Rs 56,04,246.
The company has been fined for a procedural lapse related to the incorrect transfer of Input Service Distributor (ISD) credit from the pre-GST regime to the GST regime.
The penalty pertains specifically to Mahindra & Mahindra's two-wheeler business segment.
Mahindra & Mahindra disagrees with the order and plans to file an appeal, stating they believe it's a procedural issue with no material financial impact.
Mahindra & Mahindra believes the penalty will not have a material financial impact on the company.
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