LIC GST Notice: Life Insurance Corporation of India (LIC) and Zomato have received GST notice. LIC has received a notice from tax officials demanding Rs 605.58 crore for underpayment of GST for the financial year 2019-20. LIC said in a statement to the stock exchange that it has received a notice from the Maharashtra GST Authority for interest and penalty along with tax. The insurance company said that an appeal can be made against the order before the Joint Commissioner of State Tax (Appeal) in Mumbai.
Interest of 281 crores on 294 crores
LIC said that this matter is related to wrong availment of input tax credit (ITC) and interest on less refund and late payment. LIC received a notice of Rs 294 crore GST, Rs 281 crore interest and Rs 29 crore penalty from the State Tax Deputy Commissioner of Mumbai. Insurance sector giant LIC said that it has no impact on its financial position, operations or other activities. Even before this, many companies have been sent notices by GST regarding tax.
Zomato gets notice of Rs 4.59 crore
Apart from this, online food delivery platform Zomato has received notices from the GST authorities of Tamil Nadu and West Bengal demanding more than Rs 4.59 crore including penalty and interest. The company said that it plans to appeal against the demand orders passed by the Assistant Commissioner in the GST and Central Excise Department of Nungambakkam division of Tamil Nadu and Assistant Commissioner of Revenue Department of West Bengal.
The Tamil Nadu Tax Authority passed the order under section 73 of the Central Goods and Services Tax Act, 2017 and Tamil Nadu Goods and Services Tax Act, 2017 with applicable interest (not determined) for GST of Rs 81,16,518 and a penalty of Rs 8,21,290. Meanwhile, the West Bengal authority passed an order under Section 73 of the Central Goods and Services Tax Act, 2017 and West Bengal Goods and Services Tax Act, 2017 for recovery of GST of Rs 1,92,43,792, interest of Rs 1,58,12,070 and penalty of Rs 19,24,379.
In a notice to the stock exchange, Zomato said that it had also submitted the necessary documents in its favour. But ‘it seems that the authorities did not take this into account while passing the order.’ Zomato said, ‘The company believes that it has a strong case to defend the matter before the relevant appellate authority and it is unlikely to have any financial impact on the company.’
Read Also:
- Will the rules for making FD change soon? Know what will be the new rule
- Vistara Flight Update: You will not be able to book Vistara tickets after September 3, know update….
- Gold Price Today: Big fall in the price of Gold and Silver, Check today’s latest price
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
