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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.
The demand notice includes Rs 365.02 crore of GST dues to be paid, Rs 404.7 crore of penalty and an interest payment of Rs 36.5 crore.
The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, LIC said.
Life Insurance Corporation on Wednesday said the GST Authority has imposed a fine of Rs 36,844 on LIC for lower payment of taxes. The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state, LIC said in a regulatory filing.