Hyundai Motor India hit with GST Notices of Rs.17 Crore; Shares down 7%:

Hyundai Motor India hit with GST Notices of Rs.17 Crore; Shares down 7% Hyundai Motor India Limited, the South Korean automaker's Indian arm, got two goods and services tax (GST) notices from the governments of Tamil Nadu and Maharashtra totalling approximately Rs.17 crore, according to an exchange filing on Friday, February 28. The Maharashtra State Tax Department's Deputy Commissioner has demanded a GST amount of Rs.2.51 crore along with a penalty of Rs.35.15 lakh and an applicable interest for the late payment. This will amount to approximately Rs.2.76 crore. For the second tax notice, the Additional Commissioner of the Central GST Department of Tamil Nadu has asked a GST amount of Rs.13.46 crore, as well as a penalty charge of Rs.1.34 crore and the appropriate interest for late GST payment. According to the BSE filing, this will cost roughly Rs.14.8 crore. The automaker further stated that the GST orders will have no impact on its financial, operational, or other activities. Hyundai Motor India's shares closed 0.28 percent higher at Rs.1,729.50 during Friday's stock market session, up from Rs.1,724.75 at the previous market close. The company announced the development of the GST notices on Saturday, March 1, 2025.