Mahindra and Mahindra Ltd. on Saturday announced that the tax authorities in Tamil Nadu have started an inspection of the records of its business operations in Chennai. Permission for inspection/search process under CGST Act 2017 was issued by Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6, the company said in a regulatory filing.
It further stated that the permission for inspection/search proceedings dated December 26, 2024 was shown to the company officials on December 27, 2024 at around 12.15 pm.
“The GST officials have examined the records and made some observations on certain GST compliance issues and directed the company officials to submit necessary documents for reconciliation,” it said.
During the proceedings, officials sought records related to transactions related to supply of goods or services, including payment under reverse charge and claims of input tax credit by the company for a specified period.
Company officials cooperated with GST officials and responded to all the clarifications and details sought by them, M&M said, adding that all additional documents required would be provided in due course.
During the proceedings, officials sought records related to transactions involving supply of goods or services, such as payment under reverse charge and entitlement to input tax credit for a certain period.
Mahindra & Mahindra New EVs
Aiming to expand its market share in the competitive Indian SUV market, Mahindra & Mahindra recently launched a new range of electric vehicles. Ranked as the second largest SUV manufacturer in the country, the company introduced the compact BE 6e and luxury XEV 9e electric SUVs. These vehicles have an impressive driving range of over 500 km on a single charge, and are priced between approximately $22,500 and $26,000.
Mahindra aims to capitalize on the growing demand for electric vehicles in India by entering segments dominated by competitors such as Hyundai Motor and Toyota. The smaller BE 6e will compete in the compact SUV market, which has seen around 20% growth in the first half of the current fiscal. The segment is currently led by Hyundai's Creta and Toyota's Urban Cruiser Hyryder, priced between $13,000 and $24,000.
Unlike its competitors' offerings, Mahindra's electric SUVs provide a cost-effective advantage with their low running costs. This strategic move is expected to strengthen Mahindra's position in the electric vehicle market and attract eco-friendly customers looking for efficient and sustainable transportation solutions.