Uno Minda Clarifies GST Order, Says Tax Already Paid and Impact Not Material

UNO Minda Limited ( (IN:UNOMINDA) ) just unveiled an update.

Uno Minda Limited has clarified that the tax amount at the core of a recent dispute with the Office of the Commissioner of Goods & Service Tax and Central Excise in Salem had already been paid before the case arose. The order relates to alleged HSN misclassification for periods between November 2017 and October 2023, with the adjudicating authority appropriating tax of Rs 126.19 crore and imposing interest and penalties.

For November 2017 to March 2020, the company faces an interest demand and a penalty of Rs 4.24 crore, though it has opted for an amnesty scheme that it says removes exposure for that period. For April 2020 to October 2023, the order seeks interest and a penalty of Rs 8.38 crore, which Uno Minda plans to contest, while asserting that the matter is not expected to have any material impact on its financial, operational or other activities.

More about UNO Minda Limited

Uno Minda Limited is an Indian automotive components manufacturer supplying a wide range of systems and parts to vehicle makers. Listed on NSE and BSE, the company focuses on OEM and replacement markets, with operations that are sensitive to regulatory, tax and compliance frameworks given its nationwide manufacturing and distribution footprint.

Average Trading Volume: 27,982

Technical Sentiment Signal: Buy

Current Market Cap: 644.1B INR

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