GST Notice Update: GST Department had earlier sent notices to many insurance companies. Vehicle company Maruti Suzuki has also received GST notice…
The GST department is being very strict these days and notices are being continuously sent to the companies. Recently the GST department had sent notices to many insurance companies. Now notices have been sent to thousands of companies from the GST department regarding the matter of FY 18. In a separate case, the largest car company Maruti Suzuki has also received a show cause notice from the GST department.
Reply to be given within a month
According to an ET report, notices have been sent to thousands of companies across the country. These notices are for the financial year 2017-18 and they claim shortfall in tax payment. The deadline for the notice sent to the companies is 30 September. The GST department has given 30 days time to all the companies to respond to the notice.
For this reason notices have been sent
According to the report, the GST department had found that the GST outputs and liabilities of the companies were not matching. Apart from this, notices have also been sent for reasons like input tax credit, wrong claim of tax credit, credit reversal in cases of exempted supplies. These notices have been sent to the companies during the last fortnight.
Tax demand from 6 insurance companies
Earlier, there were reports of 6 insurance companies receiving notices from the GST department. ICICI Prudential, an insurance company, had also informed the stock markets about receiving the notice. In the case of insurance companies, the GST department said that they took payment of re-insurance premium, but did not pay further GST.
Notice to Maruti Suzuki also
In a separate case, the largest car company Maruti Suzuki has also received a notice from the GST department. Maruti Suzuki told this to the stock markets on Friday. The company said that it has received this notice for the period from July 2017 to August 2022. The GST department has demanded tax including interest and penalty from the company. The company has been asked to give reasons for this. Maruti Suzuki says that it will submit its reply to the competent authority.
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