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LG Electronics India Limited ( (IN:LGEINDIA) ) has provided an update.
LG Electronics India Limited has disclosed that it received an Order in Original from the Joint Commissioner, Corporate Circle-2, Greater Noida, raising a GST demand of Rs. 7.98 crore for FY 2019-20, including principal tax, interest and penalty. The demand arises from an allegation that the company wrongly claimed input tax credit on employee bus transportation services, which the tax department views as blocked under section 17(5) of the GST Act.
The company has stated it will appeal the order before the appellate authorities within the prescribed timelines, asserting that the input tax credit claimed is permissible under GST provisions. According to the disclosure, LG Electronics India does not expect any impact on its financials, operations or other activities at this stage, suggesting the dispute is being treated as a contingent matter rather than a hit to current earnings.
More about LG Electronics India Limited
LG Electronics India Limited operates in the consumer electronics and home appliances industry, offering products such as televisions, refrigerators, washing machines and air conditioners to the Indian market. The company serves a broad retail and distribution network across India and functions as a key regional arm of the global LG Electronics group, focusing on mass and premium consumer segments.
Average Trading Volume: 66,478
Technical Sentiment Signal: Strong Buy
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