Apollo Tyres has been levied a penalty by the Goods and Services Tax (GST) department in Uttar Pradesh. The tire manufacturer disclosed under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Regulation 30, that it has received an order under the Central Goods and Services Tax Act, 2017. This order, issued by the Assistant Excise and Taxation Officer (GST) of Uttar Pradesh, fines Apollo Tyres a sum of INR 1.3 lakhs. The company specified that the infringement pertains to a dispute over the E-way bill.
Apollo Tyres intends to challenge the order by appealing to the Appellate Authority shortly.
Moreover, in its regulatory disclosures, Apollo Tyres assured tht this penalty does not notably affect its financial status, operations, or any other company activities.