NSE/BSE Codes: BSE: 533088
Summary of Key Information:
Nature of Event / Disclosure:
Regulatory disclosure under Regulation 30 of SEBI Listing Requirements regarding receipt of Show Cause Notice from tax authorities.
Involved Parties / Authorities:
- Deputy Commissioner of State Tax, Mumbai (the "Authority")
- Mahindra Holidays & Resorts India Limited
Date / Timeline of Event:
- Notice received: 30th September 2026 at 1:28 p.m. (IST)
- Company disclosure date: 1st October 2026
- Financial year under scrutiny: FY 2022-23
Brief Description of Outcome / Dispute:
The Company has received a Show Cause Notice from the Deputy Commissioner of State Tax, Mumbai via email demanding an amount of ₹36,29,52,674 for FY 2022-23. The notice alleges various GST compliance violations under Maharashtra Goods and Services Tax Act, 2017 & Central Goods and Services Tax Act, 2017, including:
- Non-payment of GST on stay facilities
- Non-issuance of cross-charge invoices
- Unverified classification of the disposal or sale of fixed assets
- Short payment of GST on food, travel and allied services provided to member guests
- Availment of ineligible input tax credit
Impact of Outcome:
Financial Impact:
- Total demand: ₹36,29,52,674
- Breakdown:
- Tax: ₹19,10,99,257
- Interest: ₹15,26,82,114
- Penalty: ₹1,91,71,303
- Based on the Company's assessment, the SCN is not expected to have any material financial impact on the Company.
Operational / Business / Strategic Impact:
No material disclosures in this section.
Other Implications:
No material disclosures in this section.
Next Steps / Required Actions:
The Company is taking necessary steps in this regard before the appropriate authority.