Maharashtra Deputy Commissioner of State Tax has issued a GST demand notice of Rs 429 crore to ICICI Prudential on Tuesday disclosed the company on the stock exchange on Wednesday.
Most of the actual amounts has to definitely be paid by the company; however, the company will appeal against the GST demand notice before the Commissioner (Appeals) within the standard timelines, it stated. In addition to GST demand, previously, the notice also has interest and penalty, the filing after market exchange post said.
The GST demand notice for FY 2020 relates to "reversal of input tax credit as per Section Disallowance of ITC on GST Law, Difference in ITC/credit note for GSTR 3B, GSTR 9 and GSTR 2A and Non-payment of tax of few outward supplies," the company added.
The GST demand notice was issued under section 73 of the Maharashtra GST Act, 2017, the firm said in its filing.
The announcement was made as there were reports that the GST authorities have started serving notices to several corporate companies. As per a report coming out of Mumbai, the GST authorities have served as many as 20,000 notices all over the country. The report said that these GST notices are for the assessment year 2017-18 to 2021-22. This it said makes these notices worth Re 80,000 crore.
The report further added that these GST notices have been sent under Section 74 of the Central GST Act.
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