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The shares of Indian Overseas Bank (IOB) slipped 4.4% to an intraday low of Rs 41.63 on the BSE on Monday, March 3, after the company announced that it had received a GST notice from the Deputy Commissioner (ST)-III, Large Taxpayers Unit, Chennai-35 for Rs 699.52 crore.
Life Insurance Corporation of India (LIC) announced on Monday that it has received a demand notice of approximately Rs 57.2 crore from the tax authorities for excess Input Tax Credit (ITC) availed during the financial year 2020-21. The communication, issued by the Assistant Commissioner in Delhi, addresses the alleged excess ITC claimed by the company.
The Goods & Service Tax Department (GST) has issued notices to top international schools and private universities in Ahmedabad to pay a total of ₹15 crore under the Reverse Charge Mechanism.
Pani puri is one of the most popular street in India, which always reminds us of crowded street corners and the crunch of puris filled with spicy water and yummy fillings. These days, the Puris can be filled with so many exciting flavours to choose from! But what happens when a beloved ‘pani puri wale bhaiyya’ suddenly finds himselves in the spotlight for reasons beyond their delicious golgappas?
The Goods and Services Tax Department of Gautam Buddh Nagar has issued notices to 43 project developers of Noida and Greater Noida asking them to submit tax worth Rs 580 crore on the lease premium of their projects, officials said on Saturday.
Mahindra & Mahindra Ltd on Saturday said state tax authorities in Tamil Nadu initiated an inspection of records at one of the places of its business operations in Chennai. Authorisation for inspection/search proceedings under CGST Act 2017 was issued by Additional Commissioner (ST), Intelligence-I (FAC), Chennai-6 on the company, M&M said in a regulatory filing.
The Goods and Services Tax (GST) authorities have sent show cause-cum-demand notices to over a dozen companies providing CNG cylinders to motor vehicles, alleging misclassification of such fuel tanks.
The Hon’ble Calcutta High Court in the case of Baazar Style Retail Ltd. set aside the order and notice issued by the State GST Department when proceedings have already been initiated by the Central GST Department by relying upon the provision of Section 6(2)(b) of the WBGST Act.
In a shocking case of identity theft and GST fraud, Rajendra Kumar Yadav, a daily wager from Dumardiha village in Koderma district, has been served with a staggering Rs. 1.08 crore penalty notice from the GST and the Central Excise department, Mumbai.
The Directorate General of GST Intelligence (DGGI) is likely to approach the National Company Law Tribunal (NCLT) soon, seeking to recover Rs 230-250 crore as taxes from the US subsidiaries of embattled edtech major Byju’s.