LG Electronics India Limited Receives Show Cause Notice from GST Department for FY 2021-22
LG Electronics India Limited recently received a Show Cause Notice (SCN) from the GST authorities concerning the financial year 2021-22. The notice was issued by the Joint Commissioner of GST, Corporate Circle-2, Greater Noida, UP, with the event occurring on May 26, 2026, at 02:02 PM IST.The Show Cause Notice (SCN) was received by LG Electronics India Limited on May 26, 2026. The notice pertains to the financial year 2021-22 and alleges that the company claimed excess Input Tax Credit.
According to the details provided, the Show Cause Notice was issued for invoking Section 74 of the Central Goods and Services Tax Act, 2017, and the Uttar Pradesh Goods and Services Act, 2017, read with Section 20 of the Integrated Goods and Services Tax Act, 2017. The tax department alleged that the excess input tax credit was claimed by the company while comparing the data auto-reflected in the GSTN Portal (Table 8A of GSTR-9 Annual Return) and the amounts claimed in GSTR-3B (Monthly Return).
The Show Cause Notice demanded a total tax amount of Rs. 116.72 Crore, which included a penalty of Rs. 58.36 Crore and principal tax of Rs. 58.36 Crore.
Regarding the financial and operational impact, the company stated that there is no impact on financials or operations due to the show cause notice, as the issue is considered a reconciliation matter, and the Input Tax Credit claimed by the company falls within the ambit of GST provisions.
LG Electronics India Limited confirmed that the company plans to file its reply to the Show Cause Notice within one month. The company stated that it will submit evidence demonstrating that no excess Input Tax Credit has been claimed.
LGEINDIA Stock Price Movement
Today, LG Electronics India Limited shares edged higher to close at ₹1529, gaining 0.76% on the day. The stock settled on a volume of 284,718 shares, trading within the day's range of ₹1516.7 to ₹1534.5.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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