LIC Receives Rs 116 Crore GST Demand Notice
By Rediff Money Desk, NEWDELHI Jan 02, 2024 22:42
LIC has been issued a GST demand notice of Rs 116 crore for short payment in 2017-18. The company plans to appeal the notice. Read more.
![LIC Receives Rs 116 Crore GST Demand Notice](https://im.rediff.com/money/2022/dec/23insurance.jpg)
Photograph: Uttam Ghosh/Rediff.com
New Delhi, Jan 2 (PTI) Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 116 crore on it for short payment of Goods and Services Tax (GST) for 2017-18.
The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing.
The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division 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.
The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.
The company has received communication/demand order for interest and penalty for Telangana state on January 2, LIC said in a regulatory filing.
The corporation shall file an appeal before Joint Commissioner (ST), Hyderabad Rural Division 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.
The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.
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