Uno Minda's Subsidiary Faces Penalty Over Excess ITC Claim

Uno Minda Ltd.'s subsidiary, Uno Mindarika Private Limited (MRPL), has received a penalty order from the Office of the Dy. Excise & Taxation Commissioner, Gurugram. The order pertains to an excess Input Tax Credit (ITC) claimed in GSTR-3B compared to GSTR-2A for the Tax Period 2019-20. MRPL has been demanded to pay Rs. 19,77,760 as tax, the same amount as penalty, and Rs. 23,07,639 as interest. However, MRPL disagrees with the findings and plans to file an appeal. The Company does not anticipate any significant financial or operational impact from this order.