Tata Motors Hit With ₹2.96 Cr Penalties By State Tax Authority

Tata Motors has been served with two penalty orders by the deputy commissioner, state tax, Bhopal.

What Happened: The orders, issued under Section 74 of the CGST/SGST Act, 2017, impose penalties of ₹85.71 lakh and ₹2.11 crore on Tata Motors for excess availment of credit.

In its communication to the exchanges, the Tata Group company stated, “There is no material impact on financial and operational activities of the company on account of the two orders. The company is reviewing both the orders and will exercise the right to file an appeal.”

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On Monday, Tata Motors reported a moderation in its monthly sales. The company’s total sales for June 2024 were down by approximately 7.4% from June 2023. The company’s total domestic sales for June 2024 also saw a decrease of about 8% from the same month the previous year.

The report further highlighted that the total commercial vehicle sales reached 31,980 units, marking a 7% decline from June 2023. The sales of passenger vehicles were 43,624 units, an 8% decline from the 47,359 units sold in June 2023. Moreover, the sales of electric vehicles dropped by a significant 34% year-on-year to 4,657 units.

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Posted In: Tata GroupTata Motors