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Mahindra & Mahindra (M&M) Ltd. has been fined Rs. A fine of over 56 lakhs has been imposed. The company gave this information.
What the company said: M&M, in a filing to the stock exchange, said that the company has received Rs 100,000 from the office of the Assistant Commissioner of CGST and Central Excise, Block-4, Ahmedabad South, in respect of two-wheeler business. 56,04,246 has been received. Mahindra Two-Wheelers Limited (MTWL). An order for imposition of penalty has been received. This business was spun off from MTWL and merged into M&M.
“The order has been passed on the ground that the arrears of input service distributor (ISD) credit available in the pre-GST regime have been wrongly carried forward to the GST regime,” it said. The company has said that an appeal will be filed based on the assessment and that it “expects a favorable outcome at the appellate level and does not expect the order to have any financial impact on the company.”