Indian Companies Under GST Radar: Maruti Suzuki and LIC Among Recipients of Notices.

Indian Companies Under GST Radar: Maruti Suzuki and LIC Among Recipients of Notices.

In recent weeks, the Goods and Services Tax (GST) regime in India has been extending its reach to encompass various entities, including online gaming firms and even the nation's largest insurance company.

These developments have sent shockwaves through the Indian corporate world, as numerous notices have been issued for past matters, not just recent transactions.

One striking example is Maruti Suzuki, the renowned automobile manufacturer, which was served a demand notice on September 29, 2023, amounting to a substantial Rs 2,160 crore. This demand relates to the fiscal year 2019-20, reflecting the extensive scope of the GST enforcement.

Similarly, the Life Insurance Corporation of India (LIC), a government-owned behemoth in the insurance sector, received an astounding notice requiring them to pay Rs 36,844 crore for the collection of GST dues, along with penalties and interest.

This development has not been isolated, as several other insurance companies have also found themselves ensnared in the GST net earlier in the year.