CIE Automotive India Attract ₹4.8 Million Tax Penalty

CIE Automotive India Limited has been served with a tax order involving a fine of ₹4.8 million. The fine pertains to problems involving claims made under input tax credit and carry forward of education cess credit balance from pre-GST regime to GST regime. This comes after a similar report had been filed previously for Mahindra & Mahindra, which was charged a ₹4.12 crore fine for similar reasons. CIE Automotive India, previously Mahindra CIE Automotive Limited, is likely to appeal against the order. The firm, which had posted robust financial performance for Q4 and FY 2024, remains optimistic about this, with analysts still holding a 'Buy' rating on the stock.
Source: CIE Automotive India Limited Regulatory Filing