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The latest announcement is out from Amara Raja Energy & Mobility Ltd ( ($IN:ARE&M) ).
Amara Raja Energy & Mobility Limited has disclosed that the Office of the Deputy Commercial Tax Officer in Erode, Tamil Nadu, has issued an order under Section 129(3) of the CGST/TNGST Act, 2017, following a violation of Rule 138 relating to the movement of goods. The order concerns goods that were withheld due to a mismatch between the “bill-to” address on the tax invoice and the customer’s registered place of business under GST, resulting in a penalty of Rs 28.44 lakh. The company stated that there is no material impact on its financials or operations, as the penalty will be recovered from the contractor, and it intends to file an appeal on the grounds that there has been no non-payment of GST by the company.
More about Amara Raja Energy & Mobility Ltd
Amara Raja Energy & Mobility Limited, formerly Amara Raja Batteries Limited, operates in the energy and mobility sector, primarily manufacturing and supplying batteries and related energy storage solutions to automotive and industrial customers in India and overseas. The company is a significant player in the Indian battery market, serving OEMs and replacement markets and focusing on broader energy and mobility applications.
Average Trading Volume: 27,578
Current Market Cap: 165.7B INR
For an in-depth examination of ARE&M stock, go to TipRanks’ Overview page.