TVS Motor Slapped With GST Penalty Over Filing Discrepancies
TVS Motor Company has received tax demand and penalty orders from GST authorities in Mysuru and Ghaziabad for discrepancies in filings related to FY 2020-21 and early 2021. The company has stated that the orders will be contested before the appellate forum.
TVS Motor Slapped With GST Penalty Over Filing Discrepancies
TVS Motor Company Limited has disclosed in a regulatory filing that they have received demand and penalty orders from the Goods and Services Tax (GST) authorities in Mysuru and Ghaziabad. The orders were issued under Section 73 of the Central Goods and Services Tax Act, 2017 and Section 20 of the Integrated Goods and Services Tax Act, 2017.
Details of the Tax Demand
The Mysuru GST Commissionerate has imposed a tax demand of Rs 4.45 crore along with a penalty of Rs 44.51 lakh for the period of February and March 2021. Similarly, the Ghaziabad GST Commissionerate has issued a demand of Rs 2.10 crore and a penalty of Rs 21.08 lakh for discrepancies found in the company’s GST returns for FY 2020-21.
Reason for the GST Orders
According to the company, the orders were issued due to mismatches in the GST returns filed under GSTR-3B and GSTR-2B, as well as non-filing of returns by suppliers. These discrepancies led to the demand for tax and penalties from the authorities.
Company’s Response
TVS Motor has stated that the orders do not have any material impact on its financial or operational activities. The company has also confirmed that it will contest the orders before the appellate forum.
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