Two wheelers giant Hero MotoCorp has been slapped with Rs 456 crore GST demand notice disputing the tax rates on the parts and accessories supplied by the company during the period July 2017 to March 2024. An additional penalty of Rs 8.50 crore was imposed disputing the tax rates on the parts supplied by the Company for after-sales during the period July 2017 to March 2021.
"Based on the company's assessment, the tax demand is not maintainable in law under both orders. Accordingly, the company shall take appropriate steps, including the filing of appeals,” Hero MotoCorp said in regulatory filings adding it had no material impact on financials, operations or other activities of the company.
Meanwhile Hero MotoCorp’s CEO Niranjan Gupta has stepped down with Vikram Kasbekar to act as the acting CEO for the time being, the company has informed the market regulator.
Gupta resigned to ‘pursue other opportunities’ will have his last working day on April 30, 2025, stated the company’s regulatory filings.
“During my eight years at Hero, I have had the opportunity to work with an exceptional team and contribute to the company’s continued success. As I move on to pursue other opportunities, I extend my best wishes to the entire team at Hero MotoCorp for an optimistic and progressive future,” added Niranjan Gupta.
Expressing the gratitude, Dr. Pawan Munjal, Executive Chairman expressed, “Since joining Hero in 2017, Niranjan has strengthened our financial resilience, forged global alliances and laid the foundation for the House of Strategy that defines our future growth journey. I wish him the very best and all the success for his future. Vikram Kasbekar will assume the role of Acting Chief Executive Officer. An industry veteran with experience spanning Research & Development, Operations, Supply Chain, and Engineering, Vikram will guide the organization and leadership through this transition until a new CEO is appointed.”
