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Share Market Highlights 28 March 2024: Indian equity markets end FY24 on a bullish note; Sensex jumps 650 pts, Nifty settles above 22,300

Share Market Highlights 28 March 2024: Indian equity markets end FY24 on a bullish note; Sensex jumps 650 pts, Nifty settles above 22,300
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India Inc faces onslaught of GST demands as tax authorities try to meet deadline

Several prominent Indian companies, including Hindustan Unilever (HUL), ICICI Bank, and LIC, faced tax demands on the eve of the new year as authorities strive to meet a five-year deadline for claim submissions. Notices range from input tax credit mismatches to demands for non-payment of tax on expatriate payments.

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LIC: LIC gets GST demand notice of Rs 663 crore - The Economic Times

LIC disclosed receiving a demand notice of approximately Rs 663.45 crore from tax authorities for GST shortfall. The notice cites wrong Input Tax Credit (ITC) claims and incorrect tax declaration in GSTR-1 for 2017-18 and 2018-19. LIC plans to appeal against the order within specified timelines. Another demand order for around Rs 116 crore was received for Telangana, following an earlier notice for about Rs 806 crore, including interest and penalties for Maharashtra, both concerning GST underpayment in 2017-18.

Tamil naduAndhra pradeshServices taxLife insurance corporation of indiaLife insurance corporationChennai north commissionerateInput tax creditGst demand noticeTax authoritiesMaharashtra stateHyderabad rural divisionLife insurance corporation of india lic

LIC gets GST demand notice of Rs 116 crore

The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, LIC said.

Andhra pradeshLife insurance corporation of indiaServices taxHyderabad rural divisionLife insurance corporationJoint commissionerLic gstLic gst demandGst demand notice

LIC gets GST demand notice of Rs 116 crore

(This story has not been edited by THE WEEK and is auto-generated from a PTI

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