Kochi-based Popular Vehicles and Services Ltd. has informed the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) about ongoing GST litigation concerning its subsidiary, Vision Motors Private Limited. The disclosure was made in a regulatory filing on April 13, 2024, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
According to the filing, Vision Motors Private Limited is contesting an appeal against an order dated December 29, 2023, issued by the Deputy Commissioner, Taxpayer Service Circle, Palarivattom, Ernakulam. The order raised a tax demand of ₹32.5 million along with interest of ₹33.4 million and a penalty of ₹3.3 million, resulting from discrepancies between input tax credit (ITC) claimed in GSTR-3B and GSTR-9 returns against ITC available in GSTR-2A for the financial year 2017-18.
The subsidiary has lodged an appeal with the Deputy Commissioner, State Tax Appeals, Ernakulam, Kerala. In support of the appeal, the company has made a pre-deposit payment of ₹3.25 million.
Popular Vehicles and Services Ltd. has requested the exchanges to take note of the pending litigation and its potential impact on the company. The company remains committed to complying with regulatory requirements and keeping stakeholders informed of any significant developments in the case.
The disclosure is in line with SEBI’s July 13, 2023, circular on corporate disclosure requirements for listed entities. Popular Vehicles and Services Ltd. operates through its subsidiaries in the automotive industry and is known for its association with popular automotive brands.
Sources: nesindia.com
First published: April 13, 2024