LIC Faces Rs 663 Crore GST Demand Notice

New Delhi, Jan 3 (PTI) Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST).

The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing.

The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said.

The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said.

There is no material impact on financials, operations or other activities of the corporation, it added.

On Tuesday, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18.

The demand for Telangana came a day after LIC on January 1 received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.