GST officials carry out inspection in Mahindra & Mahindra’s Chennai unit

Mahindra & Mahindra Ltd announced on Saturday that tax authorities in Tamil Nadu have initiated an inspection of records at one of its business operations locations in Chennai. The company stated in a regulatory filing that authorisation for the inspection/search proceedings under the CGST Act 2017 was issued by the Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6.

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 pm, 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.

Throughout the proceedings, the officers requested records pertaining to transactions involving the supply of goods or services, such as payment under reverse charge and input tax credit claims for a certain period.

Mahindra & Mahindra’s new EVs

Recently, Mahindra & Mahindra unveiled a new lineup of electric vehicles with the aim of expanding its market share in the competitive Indian SUV market. The company, ranked as the second-largest SUV maker in the country, introduced the compact BE 6e and luxurious XEV 9e electric SUVs. These vehicles have an impressive driving range exceeding 500 km on a single charge, and are priced starting at approximately $22,500 and $26,000, respectively.

By entering segments dominated by competitors such as Hyundai Motor and Toyota, Mahindra aims to capitalize on the rising demand for electric vehicles in India. The smaller BE 6e will compete in the compact SUV market, which experienced a growth of nearly 20% in the first half of the current fiscal year. This 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 lower running costs. This strategic move is expected to strengthen Mahindra’s position in the electric vehicle market and attract environmentally-conscious consumers seeking efficient and sustainable transportation solutions.