New Delhi, February 1, 2025 – Uno Minda Limited (NSE: UNOMINDA, BSE: 532539) has disclosed that it has received an order from the Deputy Commissioner of Commercial Taxes, Mysuru, Karnataka, regarding a short payment of output tax for FY 2017-18. The tax shortfall arose due to a difference in Goods and Services Tax (GST) rates applied during the period.
Key Details of the Order:
- Authority Involved: Deputy Commissioner of Commercial Taxes, Mysuru, Karnataka.
- Nature of Action: Demand for additional tax payment due to GST rate discrepancies.
- Penalty & Interest:
- Interest: ₹1,77,35,023
- Penalty: ₹1,73,90,079
- Date of Receipt of Order: January 31, 2025, at 06:45 PM IST.
Company's Response & Financial Impact
Uno Minda has stated that it intends to contest the order based on the merits of the case. The company, which had merged with Harita Fehrer Limited, clarified that it does not foresee any material impact on its financial or operational activities due to this penalty.The company has assured stakeholders that it is evaluating the legal and regulatory aspects and will take appropriate steps to challenge the order.
For further updates, investors and stakeholders are advised to monitor the company’s official announcements.