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. This has not impacted the operations of the company, which are continuing as usual, it added.
Based on the initial assessment, the company does not reasonably expect the outcome of the proceedings to have any material impact on the company, it said, adding that it has “always maintained high standards with respect to compliance of all laws and regulations, including the prompt payment of applicable taxes”.
