Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M) has been imposed a penalty of over Rs 14.3 lakh for incorrect input tax credit availed during the transition from the excise regime to the GST regime by erstwhile Mahindra Vehicle Manufacturers, which has since been merged into it.

Based on the Company’s assessment, prevailing law and basis the advice of the counsel, the Company is hopeful of a favourable outcome at the appellate level and does not reasonably expect the said Order to have any material financial impact on the Company. The order dated July 20, 2023 was received by the company on August 17, 2023.

Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.