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LIC gets GST demand and orders worth ₹183 crore for Telangana

Livemint

Livemint · 1y ago

LIC gets GST demand and orders worth ₹183 crore for Telangana

The Life Insurance Corporation of India (LIC) has received a GST demand and order of ₹183 crore for Telangana. The order pertains to excess input tax credit claimed under the reverse charge mechanism and short payment under the reverse charge mechanism. LIC clarified that the order does not have any material impact on its financials, operations, or other activities. The company's shares closed 0.43% lower at ₹770.45 per share on Monday. Additionally, LIC received approval to inject ₹25 crore in LIC Mutual Fund Asset Management on a preferential basis.

Related News

Zomato gets Rs 4.59 crore tax demand notices

Economic Times

Economic Times · 1y ago

Zomato gets Rs 4.59 crore tax demand notices

Food delivery platform Zomato has received GST tax demand orders exceeding Rs 4.59 crore from Tamil Nadu and West Bengal authorities. The company plans to appeal against the demand. Tamil Nadu issued an order for GST of Rs 81,16,518, plus applicable interest and penalty, while West Bengal issued an order for GST of Rs 1,92,43,792, along with interest and penalty. Zomato stated that it has provided clarification along with relevant documents, and believes it has a strong case to defend the matter. The company does not anticipate any financial impact.

Zomato parent Eternal receives over Rs 40 crore tax demand, penalty from GST authority - The Economic Times

Economic Times

Economic Times · 3d ago

Zomato parent Eternal receives over Rs 40 crore tax demand, penalty from GST authority - The Economic Times

Eternal, owner of Zomato and Blinkit, received three GST orders from Bengaluru authorities, totaling over Rs 40 crore for July 2017–March 2020. The demand includes tax, interest, and penalty. Eternal plans to appeal the orders, asserting confidence in its legal stance with support from legal counsel. The orders specify a GST demand of Rs 17.19 crore, with additional interest and penalties, and were issued by Bengaluru's Joint Commissioner.

Zomato receives GST demand worth ₹23.26 crore from Karnataka govt

Inshorts · 1y ago

Zomato receives GST demand worth ₹23.26 crore from Karnataka govt

Zomato has received a demand notice worth ₹23.26 crore from GST authorities of Karnataka government. The demand, which includes penalty worth ₹1.12 crore and interest worth ₹10.86 crore on GST of ₹11.27 crore, has been raised for excess availment of input tax credit. Zomato said it had clarified with relevant documents, "which appear to not have been appreciated by authorities".

Eternal Faces INR 40 Crore GST Demand Orders

StartupTalky

StartupTalky · 3d ago

Eternal Faces INR 40 Crore GST Demand Orders

Eternal, the owner of Zomato and Blinkit, faces INR 40 crore in GST demand orders, including interest and penalties, from the GST department for July 2017-March 2020. The company plans to challenge these orders. Meanwhile, the Karnataka Hosiery & Garment Association is advocating for GST rationalization on clothing items, proposing a uniform 5% rate to reduce confusion and costs. The association also suggests including petroleum products under GST to ensure a consistent tax structure and lower input costs.

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.

Nazara Technologies gets Rs 2.83 crore GST show cause notice

Economic Times

Economic Times · 1y ago

Nazara Technologies gets Rs 2.83 crore GST show cause notice

Nazara Technologies, an online gaming and esports company, has received a show cause notice from the Directorate General of GST Intelligence (DGGI) for a GST demand of Rs 2.83 crore. The demand is related to the export of certain services for which Nazara did not pay GST. The notice states that as export proceeds have not been received due to a force majeure event, the services cannot be treated as exports, and the company is responsible for paying IGST at 18%. Nazara plans to file its response to the notice within the prescribed timelines.

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.

Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23

Economic Times

Economic Times · 2m ago

Tata Steel gets show cause notice over input tax credit of Rs 1,000 cr availed during FY19-23

Tata Steel received a show cause notice from tax authorities for allegedly irregularly availing input tax credit worth Rs 1,000 crore between FY19 and FY23. The notice demands explanation for GST recovery of Rs 1007 crore. Tata Steel has already paid over Rs 514 crore in GST. The company believes the notice lacks merit and plans to address the issue through proper channels, asserting no financial impact from the notice.

Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice

Inc42 · 12m ago

Zomato’s GST Troubles: Foodtech Giant Receives Another Demand Notice

Zomato has been hit with a GST tax demand of INR 1.89 lakh, along with interest and penalty, by the Sales Tax Officer in Delhi. The food delivery platform has stated that it will pay the applicable dues and the cost of litigation. This comes after Zomato received GST tax demand and penalty orders totaling INR 4.59 crore from authorities in Tamil Nadu and West Bengal earlier this week.

Zomato gets GST demand worth Rs 8.6 crore from Gujarat for availing excess input tax credit

IndianStartupNews

IndianStartupNews · 1y ago

Zomato gets GST demand worth Rs 8.6 crore from Gujarat for availing excess input tax credit

Food delivery giant Zomato has received a substantial Goods and Services Tax (GST) demand from the Deputy Commissioner of State Tax, Gujarat. The demand order, totaling INR 8.57 crore, is a result of discrepancies found during an audit of Zomato's GST returns and accounts for the fiscal year 2018-19, including excess input tax credit and short payment of GST. Zomato will contest the order before appellate authorities and expects no financial impact from the dispute. This is not the first time Zomato has faced GST-related notices, highlighting the regulatory challenges it faces in its operations.

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