Apollo Tyres Ltd has encountered a recent tax challenge from the GST authority in Tamil Nadu, receiving a tax demand and penalty totaling Rs 2.06 crore. This issue revolves around input tax credit ( ITC ) and related matters.
Apollo Tyres Limited is an Indian multinational tyre manufacturing company headquartered in Gurgaon, Haryana. It was incorporated in 1972, and its first plant was commissioned in Perambra in Chalakudy, Kerala.
According to a regulatory disclosure by Apollo Tyres, the Deputy Commissioner of Tamil Nadu has issued an order under the GST Act, demanding the mentioned amount as GST and imposing a corresponding penalty. In response, Apollo Tyres intends to file an appeal with the appellate authority soon.
Despite this development, Apollo Tyres expressed confidence that this issue will not significantly impact its financial, operational, or overall business activities.
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