The large companies including ICICI, Vodafone, and TATA have decided to Contest Goods and Services Tax ( GST ) Demand Notices before the appellate authority.
In the wake of escalating GST notices targeting discrepancies in input tax credit ( ITC ), several prominent companies are gearing up to challenge these demands.
HDFC Life Insurance recently confirmed receipt of a GST order from the Deputy Commissioner State Tax, Dehradun, related to erstwhile Exide Life Insurance Company Limited. While HDFC Life assured minimal financial impact, they plan to contest the order through an appeal before the Appellate Authority.
Read More: HDFC Life faces Rs. 27 Cr GST Demand Order
ICICI Lombard General Insurance Company Limited disclosed receiving an order from the Additional Commissioner, Customs & Central Tax, Hyderabad GST Commissionerate, imposing a GST demand of Rs 14,786,059 along with a penalty. The demand is based on alleged disparities in input tax credit calculations and outstanding tax liabilities from filed returns.
Read More: ICICI Lombard gets served with a GST Demand Notice to the tune of Rs. 5.66 Cr
Rallis India, a Tata group company, revealed receipt of four orders from the Joint Commissioner of Sales Tax ( Appeals ), Nagpur division, dismissing appeals regarding business activity classification. These orders entail dues totaling Rs 5.01 crore, including interest and penalties, for financial years 1999-2000 and 2000-2001. Rallis India intends to appeal these orders, relying on the merits of the case, prevailing law, and legal counsel advice.
Vodafone Idea, in similar way, announced receiving an order under the Central Goods and Services Tax Act, 2017, imposing a penalty of Rs 14, 82,096 alongside tax demand and applicable interest. The order pertains to alleged excess input tax credit utilization for the financial year 2018-19. Disagreeing with the order, Vodafone Idea plans to pursue appropriate actions for rectification or reversal.
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