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Distributors write to Hindustan Unilever, oppose margin structure

AICPDF asks HUL to restore old margin structure

Centre has done little to ease TN's financial burden: FM Thangam Thennarasu

The Central government has done precious little to ease Tamil Nadu's financial burden, the state Finance Minister Thangam Thennarasu claimed on Friday and accused it of following different yardsticks in devolving funds to states. For every single rupee given to the Centre, the state got back only 29 paise but the ratio was different in the BJP-ruled states, he said. "As I have already mentioned in the Assembly, for every rupee we give to the Centre, we get back just 29 paise. But in BJP-ruled states, this ratio is completely different," Thennarasu told reporters here in response to the Union Finance Minister Nirmala Sitharaman's assertion on Thursday that the Centre released more funds to Tamil Nadu without any discrimination. For instance, from the financial year 2014-15 to 2022-23, the Centre gave Rs 4.75 lakh crore to Tamil Nadu including the Central tax share of Rs 2.46 lakh crore and subsidy of Rs 2.28 lakh crore. At the same time, the direct tax collections accounted to Rs 6.2

Multiple margin levers ahead for food delivery platform Zomato's stock

It had begun levying a convenience fee of Rs 2 per order from August 2023, which was subsequently raised to Rs 3 per order

LIC receives GST demand notice of Rs 663 crore from Chennai tax officials

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing. The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18. The deman

Punjab's GST revenue rises 16.52% to Rs 15,524 crore in April-December

Punjab saw a 16.52 per cent year-on-year growth in revenue from Goods and Services Tax (GST) and a 10.4 per cent increase in revenue from excise levy during the April-December period of the current fiscal year. Punjab's Finance Minister Harpal Singh Cheema on Wednesday said the net GST collection up to December in FY24 was Rs 15,523.74 crore against the mop-up of Rs 13,322.59 crore during the April-December period of the previous financial year. Thus, the net increase in GST collection amounts to Rs 2,201.15 crore, he added. The minister said that the revenue from excise levy up to December in FY23 was Rs 6,050.7 crore, whereas for the current fiscal year, it rose to Rs 6,679.84 crore. Giving details about state's tax revenue, Cheema, in an official statement, said that Punjab achieved a growth rate of 14.15 per cent in total revenue from VAT, CST, GST, PSDT and excise up to December during the current fiscal year as compared to the same period of FY23. He said that revenue from V

Union Budget 2024: A breakdown of how India earns and where it spends

The Union Budget draws its major share from borrowings and liabilities, constituting the largest chunk of 34 per cent

HUL receives Rs 447.5 cr GST demands and penalties, firm to make assessment

Leading FMCG maker Hindustan Unilever Ltd on Monday said it has received Goods and Services Tax demands and penalties totalling Rs 447.5 crore from the authorities. In a regulatory filing, HUL -- which owns brands such as Lux, Lifebuoy, Surf Excel, Rin, Pond's and Dove -- said these "orders are currently appealable" and it will make an assessment. The company received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to expats etc on Friday and Saturday last week. "The Orders were received by the company on 30th December, 2023 and 31st December, 2023, respectively and the intimation is being submitted today i.e. 1st January, 2024, being the first working day after receipt of the Orders," said HUL. This includes the demand for tax "on salaries including allowances paid to expats amounting to Rs 372.82 crore and penalty amounting to Rs 39.90 crore" from the Joint Commissioner, CGST an

LIC receives GST demand notice of Rs 116 crore for Telangana state

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing. The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division against the said order within the prescribed timelines, it said. There is no material impact on financials, operations or other activities of the corporation, it added. The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

Asian Paints receives three GST demand notices worth Rs 2.07 crore

Asian Paints on Tuesday said it has received three orders for GST demand, totalling Rs 2.07 crore. The total amount includes interest and penalties. The three orders related to the availing of "alleged ineligible Input Tax Credit (ITC)," were received on December 30, the leading paints maker said in a regulatory filing. These include an order passed under the Central Goods and Services Tax Act and Andhra Pradesh Goods and Services Tax Act for FY18-FY20, raising a demand of Rs 1.01 crore, disallowing ITC pertaining to repair and maintenance, travelling, and promotional expenses, and a penalty of Rs 5.72 lakh. Asian Paints had on Monday said it received a demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. This was also regarding a mismatch on ITC for FY18. The company said it has "rightly availed the ITC" for all three cases and also fulfilled all conditions prescribed under the Acts. "Further, the company has a stron

Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24

Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23

Best of BS Opinion: A difficult mandate, Accord and discord & more

Here is the best of Business Standard's opinion pieces for today

Asian Paints gets GST demand notice of Rs 13.83 crore from TN's tax dept

Asian Paints on Monday informed that it has received a GST demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai. The demand is for the financial year 2017-18 over mismatch on input tax credit (ITC), the leading paints maker said in a regulatory filing. "The company has a strong case based on merits and will be filing rectification and/or appeal against the said order within the prescribed timelines," it added. Asian Paints further said it has discharged applicable taxes on the outward supplies made by the company and has also fulfilled all the conditions prescribed for availing of the ITC. The order was passed under relevant provisions of the Central Goods and Services Tax Act, 2017, and the corresponding provisions of the Tamil Nadu Goods and Services Tax Act, 2017. The department has demanded "additional tax on outward supplies, disallowance on account of ITC mismatch between purchases reported by the supplier in GST .

Understanding GST revenue performance

Contrary to belief, GST underperformed the old tax regime in its initial years but has now begun to exceed expectations, six years after implementation

Eicher Motors gets Rs 130 cr tax demand notices, company to challenge

Eicher Motors has been served demand notices of over Rs 130 crore from three different authorities over issues related to GST, according to a regulatory filing by the company. The company has received a demand order for an aggregate amount of Rs 129.79 crore, including a penalty of Rs 11.8 crore and applicable interest from the office of the Principal Commissioner of CGST and Central Excise, Chennai, Eicher Motors said in a regulatory filing. The officer has disallowed certain GST credit and raised GST demand, largely on account of the difference in GST credit mismatch between the company's GST availment and details reported by suppliers in their GST returns, it added. Besides, the turnover difference as declared in GSTR-3B with GSTR-1 return and non-reversal of input tax credit on material returned instead of output tax liability paid by the company have also been cited as reasons. Eicher Motors further said a demand order for Rs 70.9 lakh, including a penalty of Rs 3.2 lakh, has

LIC gets GST notice of Rs 806 crore; insurer says will file an appeal

The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore

Yes Bank faces penalty of Rs 3 crore by Tamil Nadu GST department

Recently, the bank had received two separate tax notices from the Bihar GST department for Rs 20,000 and Rs 1,38,584, respectively, in December

Haryana CM announces one-time settlement scheme for pre-GST tax liabilities

Addressing a long-standing request from Haryana's trader and business community to settle pre-GST tax liabilities, Chief Minister Manohar Lal Khattar on Sunday launched the One Time Settlement-2023 (OTS) Scheme. The scheme will be operational from January 1, 2024, to March 30, 2024. According to an official statement, from January 1, 2024, to March 30, 2024, businesses have the opportunity to settle pre-GST tax liabilities under the OTS-2023 scheme. Taxes are categorized into four groups, with exemptions from interest and penalties for cases related to seven tax acts in effect before GST. Additionally, Chief Minister Manohar Lal announced the opening of a GST Training Institute in collaboration with HIPA, Gurugram. During the inauguration of OTS-2023 at Gurugram, on Sunday, the Chief Minister also extended New Year wishes to the state. Deputy Chief Minister Dushyant Chautala, who oversees the Excise and Taxation Department, also addressed the programme. Under the OTS scheme, the t

Mahindra & Mahindra gets Rs 56 lakh tax penalty, company to challenge

Mahindra & Mahindra Ltd on Thursday said it has been imposed a penalty of over Rs 56 lakh for wrongly carrying forward input service distributor credit available in pre-GST into GST regime with regards to its two-wheeler business. The company has received an order from the office of the Assistant Commissioner, Division-IV, CGST & Central Excise, Ahmedabad South imposing a penalty amounting to Rs 56,04,246 in relation to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with M&M, Mahindra & Mahindra said in a regulatory filing. "The order has been passed on the basis that closing balance of Input Service Distributor (ISD) credit available in pre-GST regime was wrongly carried forward into GST regime," it added. The company further said based on its assessment, an appeal will be filed and it is "hopeful of a favourable outcome at the appellate level and does not reasonably expect the said order to have ...

Food delivery app Zomato gets Rs 402 cr show cause notice over unpaid GST

Zomato said that it was not liable to pay any tax on delivery charges as it was collected on behalf of the delivery partners

ICICI Prudential Life gets GST demand notice of Rs 270 crore for 2017-18

ICICI Prudential Life Insurance on Wednesday said tax authorities have slapped a demand notice of Rs 270 crore on it for alleged short payment of GST for 2017-18. The Maharashtra Goods and Service Tax (GST) authority has demanded GST along with applicable interest and penalty for 2017-18 fiscal for reversal of input tax credit; difference in GST liability filed in GSTR-1 and GSTR-9; mismatch in ITC claimed in GSTR-3B and GSTR-2A; and interest on GST payment on proposal deposit. The total demand of Rs 269.86 crore includes GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore. "The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines," ICICI Prudential Life Insurance Company said in a BSE filing. Shares of ICICI Prudential settled at Rs 526.55 apiece, up 0.56 per cent over previous close on the BSE. In a separate filing, ICICI Lombard General Insurance said it has received a demand notice