India Inc faces onslaught of GST demands as tax authorities try to meet deadline
Many big names of India Inc, from Hindustan Unilever to ICICI Bank to LIC, have received tax demand on the eve of new year as authorities sought to meet the deadline to raise claims. Even many smaller GST taxpayers have also received tax demand. The notices range from mismatch of input tax credit, mismatch in turnover for various returns to demand for non-payment of tax on payments made to expats (in case of MNCs) for which demand has been raised.
For instance, Life Insurance Corporation of India (LIC) has been slapped with two demand notices recently. One notice of Rs 806 crore for alleged short payment of GST for 2017-18 for Maharashtra, the insurer said in a regulatory filing. The insurer shall file an appeal before Commissioner (Appeals), Mumbai against the said order within the prescribed timelines, it said.
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In another instance, Life Insurance Corporation of India (LIC) said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said.
Tax consultants said that several MNCs have received similar demand notices. There is no count on the number of notices as the Centre and state
