The Infrastructure major Larsen and Toubro (L&T) has been penalised Rs 173.24 crore for the assessment years 2017-18 to 2021-22 over GST dispute. The penalty pertains to short tax payments arising from discrepancies between the company’s financial statements and GST returns.
The mismatch includes non-taxable transactions and the company’s claims for input tax credits and reversals are also under dispute. L&T had clarified that the disputed issues stem from technical discrepancies between its books and GST returns despite having furnished explanations to the tax authorities.
"The company does not agree with the tax demands raised and would be filing an appeal against the order seeking tax, interest & penalty. The Company expects a favourable outcome at the Appellate forum," said L&T media statement.
The company reiterated that the dispute relates mainly to interpretation issues and does not suggest any intent to evade taxes and further maintained that its operations and financial performance remain unaffected by the ongoing proceedings.
