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HomeLatest NewsBusinessHero MotoCorp Faces Rs 605 Crore Income Tax Demand Notice

Hero MotoCorp Faces Rs 605 Crore Income Tax Demand Notice



 Hero MotoCorp has been served with a requirement discover of roughly Rs 605 crore by the Revenue Tax Division. The discover, dated March 30, 2024, was obtained by Hero MotoCorp on April 3, 2024, overlaying six evaluation years. The corporate disclosed this growth in a inventory trade submitting, stating that it’s at present analyzing the discover and intends to take essential actions, together with submitting an attraction or rectification utility.

Evaluation Years and Tax Particulars

The demand discover from the Revenue Tax Division pertains to alleged violations for evaluation years starting from 2013-14 to 2017-18 and 2019-20. It features a tax demand of Rs 308.65 crore together with curiosity amounting to Rs 296.22 crore.

Hero MotoCorp’s Gross sales Efficiency

Within the monetary yr 2023-24, Hero MotoCorp continued its dominance because the world’s largest scooter and bike producer. The corporate reported a complete of 56,21,455 items bought, encompassing each home gross sales and exports. Notably, its gross sales witnessed a ten% enhance within the fourth quarter of FY 24, whereas its world enterprise surged by 16% all through the fiscal yr.

Concentrate on Premium Bike Phase

In the course of the previous monetary yr, Hero MotoCorp strategically expanded its product portfolio within the premium bike section. It launched a number of new fashions, together with the Xtreme 125R, Xtreme 200S, Xtreme 160R 4V, Harley-Davidson X440, Karizma XMR, and Mavrick 440. Moreover, the corporate bolstered its retail community by inaugurating 75 Premia shops and launching over 400 Hero 2.0 shops, enhancing its attain and buyer engagement.

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