Maruti Suzuki Receives Rs 2,160-Crore Draft Income Tax Assessment Order
However, the company said that it will file its objections before the Dispute Resolution Panel.
Maruti Suzuki India Ltd. received a Rs 2,160-crore draft assessment order from the Income Tax authority.
The draft assessment order was received for FY 2019–20, "wherein certain additions/disallowances amounting to Rs 21,597 million with respect to returned income have been proposed", according to an exchange filing.
However, the company said it would file its objections before the Dispute Resolution Panel.
There is no impact on the financial, operational, or other activities of the company due to this draft assessment order, the statement said.
India's largest car manufacturer recently received a show-cause notice from the GST Authority for the period from July 2017 to August 2022 in a matter of tax liability under a reverse-charge basis on certain services.
The notice raised a demand for interest and impose a penalty; besides appropriating already paid tax of Rs 139.3 crore, according to an exchange filing.
Shares of Maruti Suzuki closed 2.49% lower at Rs 10,346.70 on Tuesday, compared to a 0.56% decline in the benchmark NSE Nifty 50.