Hero MotoCorp Limited announced that the company has on April 16, 2024, received an Order dated April 16, 2024 from the Assistant Commissioner State Tax, Gujarat. Based on the company's assessment, the tax demand is not maintainable in law. The Input Tax Credit (ITC) was rightfully claimed from the suppliers holding a valid registration at the time of the claim.

Their registration has been cancelled at a later stage from retrospective date by the department, which is not attributable to the company. Accordingly, the company shall take appropriate steps including filing of an appeal. Nature and details of the action(s) taken, initiated or order(s) passed: Intimation of Order in Original under Section 73 of Gujarat Goods & Service Tax Act, 2017 SGST Act Period Involved ­April 1, 2018 to March 31, 2019; Tax demand ?

INR 207,483; Interest: INR 188,270; Penalty: INR 20,748.