LG Electronics India Faces ₹116.72 Cr GST Penalty Demand

LG Electronics India Ltd. received a Show Cause Notice (SCN) from the Joint Commissioner of GST, demanding ₹116.72 Crore (including penalty) for alleged excess Input Tax Credit claims for FY 2021-22. The tax department claims the company claimed excess Input Tax Credit while comparing the data auto reflected in GSTN Portal and claimed by company in GSTR-3B. LG Electronics will file a reply to the SCN within one month, providing evidence to refute the claim. The company states that the Input Tax Credit claimed is within GST provisions and expects no financial impact.