Mahindra Holidays gets GST Demand Notice of Rs.16.77 Crore:

Mahindra Holidays gets GST Demand Notice of Rs.16.77 Crore Mahindra Holidays and Resorts India said that tax authorities had issued a demand notice for around Rs 16.77 crore, including a penalty on Wednesday. "We want to notify you that the company has received an order dated August 13, 2024, from the Assistant Commissioner, Anna Salai, Chennai Central, Tamil Nadu," Mahindra Holidays and Resorts India Ltd stated in a regulatory filing. The corporation is taking appropriate procedures to seek remedies before the right authority, it added. The Authority has issued an Order for FY 2019-20, ordering the Company to pay a demand of Rs.16,76,61,092 (including a penalty of Rs.88,81,479) under the terms of the TN GST Act, 2017 and the CGST Act, 2017. "The Order has been issued mainly on account of GST on Other Incomes, Reverse Charge Mechanism on Other Expenses, Excess utilisation of ITC, Reversal of ITC on exempt supplies, etc.," Mahindra Holidays and Resorts India Ltd stated in the filing. The hospitality company also stated that it does not expect the ruling to have a significant financial impact on the business.