Maharashtra Deputy Commissioner of State Tax sent a GST demand notice worth Rs 429 crore to ICICI Prudential on Tuesday, the company said in the stock exchange filing.
The company will appeal against the GST demand notice before the Commissioner (Appeals) within the standard timelines, the statement added. Apart from GST demand, the notice also mentions interest and penalty, the post-market exchange filing added.
The GST demand notice for FY2020 pertains to "reversal of input tax credit as per
GST Law, mismatch in ITC/credit note as per GSTR 3B, GSTR 9 and GSTR 2A and Non-payment of tax of certain outward supplies," the company said.
The GST demand notice was sent under Section 73 of Maharashtra GST Act, 2017, the company said in the regulatory filing.
The development comes amid reports of the GST authorities issuing notices to several corporate entities. According to a Business Standard report, GST authorities have issued as many as 20,000 notices across India. The BS report said that these GST notices are for assessment year 2017-18 to 2021-22. These notices are worth Rs 80,000 crore, the report added.
The Business Standard report further added that these GST notices have been send under Section 74 of the Central GST Act.
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