Maruti Suzuki India receives ₹2,159.7 crore income tax draft assessment order
- The income tax notice came within days of Maruti Suzuki also receiving a show-cause notice from the GST Authority.
After receiving a show-cause notice from the GST Authority, Maruti Suzuki India has received a ₹2,159.7 crore income tax draft assessment order. In a regulatory filing, the car manufacturer said that it received a draft assessment order on October 3 from the Income Tax Authority for the financial year 2019-2020. The regulatory filing also revealed that according to the order, certain additions or disallowances amounting to ₹2,159.7 crore with respect to returned income have been proposed.
Maruti Suzuki has claimed that there is no impact on the financial, operation or other activities of the auto manufacturer due to this draft assessment order. The car manufacturer further stated that it plans to file its objections regarding the draft assessment order before the Dispute Resolution Panel.
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The income tax notice came within days of Maruti Suzuki also receiving a show-cause notice from the GST Authority. The automaker received the show-cause notice on September 30 demanding interest and penalty, besides appropriating tax already paid, amounting to ₹139.3 crore for the period of July 2017-August 2022.
The automaker reported selling 181,343 cars in September 2023, registering a 2.8 per cent year-on-year growth from the year-ago period. The growth has been attributed to the surging demand for utility vehicles. Maruti Suzuki also claimed that it sold more than 10 lakh cars in the first six months (April-September) of the current financial year. The car manufacturer has stated that domestic sales in September for the company were up by 2.5 per cent at 158,832 units, compared to 154,903 units in the same month a year ago.
Maruti Suzuki has further claimed that its utility vehicle production surged significantly in September buoyed by increasing sales. However, the production of models like Alto K10 and S-Presso has witnessed a massive 70 per cent slump in September 2023, compared to the same month a year ago.
