What happened
FactShriram Finance received orders from the Additional Commissioner of Central GST & C. Ex, Navi Mumbai, relating to the erstwhile Shriram City Union Finance Limited. The orders levy penalties for alleged reverse-charge tax non-payment and ineligible input-tax-credit claims for FY2020-21 through FY2022-23; the company said there is no material impact on its financial, operational or other activities and it is awaiting tax-consultant opinion on the Maharashtra demand orders.
Rs.46,81,440/-FY2020-21 penalty for reverse-charge tax demand
penalty levied for alleged non-payment of tax under Reverse Charge Mechanism
Rs.13,50,434/-FY2020-21 penalty for ineligible ITC
penalty levied for alleged ineligible ITC on automobile/motor vehicle dealer invoices
Rs.93,64,842/-FY2021-22 penalty for reverse-charge tax demand
penalty levied for alleged non-payment of tax under Reverse Charge Mechanism
Rs.90,26,090/-FY2021-22 penalty for ineligible ITC
penalty levied for alleged ineligible ITC on automobile/motor vehicle dealer invoices
Rs.1,75,32,162/-FY2022-23 penalty for reverse-charge tax demand
penalty levied for alleged non-payment of tax under Reverse Charge Mechanism
Rs.1,39,41,580/-FY2022-23 penalty for ineligible ITC
penalty levied for alleged ineligible ITC on automobile/motor vehicle dealer invoices
