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ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority | Mint

Livemint

Livemint · 1y ago

ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority | Mint

ICICI Prudential Life Insurance has received a tax demand notice amounting to ₹429.05 crore from the Deputy Commissioner of State Tax in Maharashtra. The notice includes a Goods and Services Tax (GST) demand of ₹208.02 crore, along with interest and penalties. The company plans to challenge the notice with the Commissioner (Appeals) within the specified time frame. This development comes as GST authorities have issued around 20,000 notices to several corporate entities across India, amounting to ₹80,000 crore. The tax demand in ICICI Pru Life's case is due to alleged infractions related to input tax credit and discrepancies in GST returns.

Related News

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Livemint

Livemint · 1y ago

Zomato gets ₹9.45 crore GST notice, plans to appeal against tax order | Mint

Food delivery provider Zomato has received a Goods and Services Tax (GST) demand notice of INR 9.45 crore from tax authorities in Karnataka, India. The notice includes a GST amount of INR 5.01 crore, along with interest charges and penalties. Zomato plans to appeal the order as it believes it has a strong case. This is not the first time the company has faced a tax notice, as it received a similar demand for payment in 2021.

New India Assurance gets GST demand notice of Rs 2,298 crore

Economic Times

Economic Times · 2m ago

New India Assurance gets GST demand notice of Rs 2,298 crore

New India Assurance Company Ltd received a GST show cause notice demanding Rs 2,298 crore for the financial years 2018 to 2023 from the Additional Commissioner, Mumbai-South, Maharashtra. The company believes it has strong grounds to contest the demand and is preparing a detailed reply with its tax consultants for submission to the Adjudicating Authority. They will address the contentions within the specified timeline, as mentioned in a regulatory filing.

Zomato Gets Tax Demand Order Of INR 2 Cr

Inc42 · 1y ago

Zomato Gets Tax Demand Order Of INR 2 Cr

Foodtech major Zomato has received a fresh goods and services tax (GST) penalty notice from Delhi's sales tax officer, amounting to INR 2,22,91,376 for fiscal 2018-19. This comes after the company received a GST notice of INR 11.8 crore ($1.6 million) earlier this month. Zomato has stated that it believes it has a strong case to defend the matter before the relevant appellate authority and expects no financial impact from this penalty. Despite these challenges, Zomato continues to post healthy profit and revenue growth.

Zomato’s GST Troubles: Foodtech Major Gets Fresh INR 18 Cr GST Demand, Penalty Order

Inc42 · 11m ago

Zomato’s GST Troubles: Foodtech Major Gets Fresh INR 18 Cr GST Demand, Penalty Order

Zomato has been issued a tax demand notice of over INR 11.12 Cr for non-payment of GST on delivery charges, along with interest and penalty. However, the foodtech giant is confident in its defense and plans to present its case before the relevant appellate authority.

Zomato gets GST penalty notice of ₹8.6 crore from Gujarat's tax department

Livemint

Livemint · 1y ago

Zomato gets GST penalty notice of ₹8.6 crore from Gujarat's tax department

Zomato, an online food delivery app, has received a penalty notice from the Gujarat Deputy Commissioner of State Tax for excessive input tax credit and short payment of GST for the financial year 2018-19. The demand totals ₹4.11 crore, with an additional ₹8.57 crore in interest and penalties. The company had also previously received a show cause notice for unpaid GST on delivery charges, amounting to ₹402 crore, as well as interest and penalties, for the period from October 2019 to March 2022.

Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities

IndianStartupNews

IndianStartupNews · 1y ago

Deepinder Goyal's Zomato gets Rs 23 crore tax notice from Karnataka tax authorities

Food delivery platform Zomato has received a tax notice amounting to INR 23.26 crore ($3.11 million) for the financial year 2018-19 from Karnataka tax authorities. The notice alleges that Zomato overutilised input tax credit and demands a GST payment of INR 11.27 crore, plus interest and penalties. This follows a recent INR 8.6 crore GST penalty notice from Gujarat authorities and a show cause notice from the Directorate General of GST Intelligence. Zomato plans to challenge the order and remains confident in its position. Despite these tax challenges, Zomato reported its second consecutive profitable quarter for Q2 2023-24.

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Inc42 · 1y ago

Crypto Exchange Binance Gets INR 722 Cr GST Demand Notice

Binance, a popular cryptocurrency exchange platform, has been issued a show-cause notice by the Directorate General of Goods and Services Tax Intelligence (DGGI) in India. The notice demands payment of INR 722 crore in Goods and Services Tax (GST). The tax demand arises from transaction fees amounting to INR 4,000 crore collected by Binance from Indian traders. This follows a recent fine of INR 18.82 crore by the Financial Intelligence Unit (FIU) for violations of anti-money laundering regulations.

Zomato receives tax demand of Rs 803 crore from GST authorities

Economic Times

Economic Times · 8m ago

Zomato receives tax demand of Rs 803 crore from GST authorities

Zomato has received a tax demand notice of INR 803.4 crore from GST authorities in Maharashtra. The demand includes a tax amount of INR 401.7 crore, along with a penalty and interest component of a similar amount. Zomato believes that they have a strong case and will be filing an appeal against the order. The company reported operating revenue of INR 4,799 crore and a net profit of INR 176 crore in the July-September quarter.

Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr

Money Control

Money Control · 1y ago

Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr

Pricol, a manufacturer of instrument clusters, has received a showcause notice from the Directorate General of GST Intelligence. The notice is part of an industry-wide investigation concerning the classification of instrument clusters under Goods and Services Tax (GST). The tax department's classification would result in a higher tax rate of 28%, compared to Pricol's classification of 18%. The potential tax demand for Pricol is approximately INR 380 crore, along with interest and penalties. Similar proceedings have been initiated against various auto component manufacturers. Pricol has sought legal opinion to address the matter appropriately.

ICICI Lombard gets GST show-cause notice worth ₹288 crore

Livemint

Livemint · 1y ago

ICICI Lombard gets GST show-cause notice worth ₹288 crore

ICICI Lombard General Insurance Company has received a show-cause notice for INR 288 crore in relation to the Goods and Services Tax (GST). In Q4 FY24, the company's revenue increased by 1.29% and profit surged by 18.89% YoY. In Q3, revenue grew by 3.13% and profit increased by 20.41%. Selling, general, and administrative expenses decreased by 22.37% QoQ and 59.48% YoY. Operating income rose by 29.87% QoQ and decreased by 52.46% YoY. Bharti Enterprises sold stake in ICICI Lombard for INR 663 crore, while ICICI Bank increased its stake to 51.7% from 51.27%.

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