According to judicial documents, the Volkswagen Group has filed a lawsuit against the Indian state due to a tax claim of billion dollars.
The claim of $ 1.4 billion (1.35 billion euros) is impossible, contradictory in contradiction with the Indian regulations for the tax on the entry and business plans of the company, according to the documents submitted by the court from January 29 .
The management for the business community in the Asian country lies with the SKODA subsidiary. The court wants to start the hearings on 5 February.
- In the largest input tax claim to date, India spent a tax assessment of $ 1.4 billion against Volkswagen in September.
- According to a government representative, Volkswagen India could get a payment of $ 2.8 billion if the company loses the legal dispute, including fines.
- In the 2023/24 financial year, VW India registered the $ 2.19 billion turnover and a net profit of eleven million dollars. The Indian branch of Volkswagen stated that it exploited all legal means, to work with the authorities and to continue to connect to all global and local laws.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
