January 30, 2025
Apollo Tyres Ltd. (NSE: APOLLOTYRE) has disclosed that it received an order from the Joint Commissioner, Central GST, Pune-II Commissionerate, under the Central Goods and Services Tax Act, 2017. The order demands a GST payment along with a penalty amounting to ₹4,979.76 lakh.Key Details of the GST Order
- Issuing Authority: Joint Commissioner, Central GST, Pune-II Commissionerate
- Nature of Action: Demand for GST payment and penalty
- Amount Involved: ₹4,979.76 lakh
- Reason for Order: Dispute regarding credit note disallowance
- Date of Order Receipt: January 29, 2025
- Company's Response: Apollo Tyres has stated that it will file an appeal before the Appellate Authority in due course.
Impact on Financials
Despite the substantial penalty, Apollo Tyres has clarified that the order will not have any material impact on its financials, operations, or other activities. The company remains confident in its legal stance and intends to contest the decision.This development comes as part of the regulatory landscape surrounding GST compliance and tax disputes in India, highlighting ongoing challenges for large corporations in interpreting and applying GST regulations.
Apollo Tyres continues to monitor the situation and will provide updates as necessary.