Mahindra Tax Dispute: Mahindra & Mahindra received an intimation from the Principal Commissioner of Income Tax-2 informing that the Income Tax Department has filed an appeal under the provisions of Section 260A of the Income Tax Act, 1961, before the High Court of Bombay, Mahindra & Mahindra said in a regulatory filing.
Passenger Vehicle Sales: In September, passenger vehicle (PVs) sales soared to 363,733 units. Simultaneously, the GST collections surged to a substantial INR 1.62 trillion, marking a remarkable 10.2% year-on-year (Y-o-Y) growth and securing its position as the third-highest ever recorded. Notably, the average monthly gross GST collection in the first half of the fiscal year 2023-24 stood at INR 1.65 trillion, reflecting an 11% increase compared to the same period in the previous fiscal year.
Veejay Nakra, CEO- Automotive Division, M&M believes that the consumer sentiment remains strong for the festive season. The only headwind for the industry could be for the entry-level model range of INR 8 lakh-11 lakh price points. The company also believes that the electric passenger vehicle industry still has a window of three to four years, until the inflection point for EVs could be reached.
The uptick was consistent across multiple vehicle categories, with 2-wheelers seeing a 6 per cent increase, passenger vehicles at 6.5 per cent, tractors rising 14 per cent, and commercial vehicles up by 3 per cent.
Mahindra Volkswagen EV Components: Mahindra & Mahindra is in advanced talks with Volkswagen to likely enhance the electric vehicle play with the use of the German carmaker s open platform for electric vehicles. Volkswagen has developed a modular, open vehicle platform for EVs, called MEB, which is used to build to its own cars and those of other group companies.