Apollo Tyres gets Rs 2.06 cr tax demand

Apollo Tyres gets Rs 2.06 cr tax demand

Apollo Tyres Ltd on Tuesday said it has received tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu over availing of input tax credit and other issues.

The Deputy Commissioner (CT), Tamil Nadu has passed an order under GST Act demanding GST and levying consequential penalty of Rs 2.06 crore, Apollo Tyres said in a regulatory filing.

The matter is a dispute regarding availment of ITC and other issues, it added.

''The company will file appeal before appellate authority in due course,'' Apollo Tyres said, adding that there is no material impact on its financial, operation or other activities due to the issue.