LIC Faces Rs 806 Crore GST Demand Notice
Jan 01, 2024 20:23
Life Insurance Corporation of India (LIC) has received a Rs 806 crore GST demand notice for alleged short payment in 2017-18. LIC plans to appeal the order.
New Delhi, Jan 1 (PTI) Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 806 crore on it for alleged short payment of GST for 2017-18.
LIC has received a communication/demand order on Monday for collection of GST along with interest and penalty for Maharashtra state, the insurer said in a regulatory filing.
The insurer shall file an appeal before Commissioner (Appeals), Mumbai 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.
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