Biz Updates: 27 new foreign retail brands visited India in 2024; LIC gets GST notice of 105 crore
New Delhi| 27 new foreign retail brands entered India in 2024 to establish a presence in the Indian market and meet the growing demand for luxury goods. That’s nearly double what 14 brands were in 2023, said real estate consultant JLL India. In the last four years 60 retailers of international origin have entered the country to meet the demand of Indian customers towards the global brand. Of the brands that have come to India, 56 per cent were from Europe, the Middle East and Africa.
LIC gets GST notice of Rs 105 crore
Life Insurance Corporation of India (LIC) has received GST demand notice of Rs 105.42 crore. It has received this notice in the case of underpayment of Goods and Services Tax (GST) for seven financial years. LIC said in the information given to the stock exchange, the company has received communication/demand orders for interest and penalty from several states on February 5. She can appeal against the order before the Lucknow Commissioner (Appeals).
GST: Adani Wilmar fined Rs 42 lakh
Adani Wilmar has been fined 42 lakhs by the GST Department of Uttar Pradesh with tax demands. The company has imposed a fine of 41,99,465 equivalent to the tax demand under the Uttar Pradesh GST Act-2017, the company reported in a regulatory filing on Wednesday. The company said, it is taking appropriate steps to appeal before the appropriate authority against the order imposing the fine.
