Tax officials initiate inspection of Mahindra & Mahindra records in Chennai
The Hindu
Mahindra & Mahindra Ltd faces inspection by Tamil Nadu state tax authorities in Chennai, no material impact expected.
Mahindra & Mahindra Ltd. (M&M) on Saturday (December 28, 2024) said state tax authorities in Tamil Nadu initiated an inspection of records at one of the places of its business operations in Chennai.
“Authorisation for inspection/search proceedings under CGST Act 2017 was issued by Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6 on the company,” M&M said in a regulatory filing.
“Subsequently, the State Tax officer, Gr-I, Intelligence - I, Chennai - 6, initiated an inspection of the records at one of the places of business operations of the company in Chennai, Tamil Nadu,” it added.
“The authorisation for inspection/search proceedings dated December 26, 2024, was shown to the company’s officials on December 27, 2024, at around 12.15 p.m.,” it added.
"The GST officials have inspected the records and given some observations on certain GST compliance issues and have advised the company's officials to submit the necessary documents for reconciliation," it said.
During the proceedings, the officers sought records related to transactions relating to the supply of goods or services, including payment under reverse charge and input tax credit claims by the company for a specific period.
“The company officials cooperated with the GST officials and responded to all the clarifications and details sought by them,” M&M said, adding that it will further be providing all the necessary additional documents sought in the due course.
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