LIC Receives Rs 57.2 Crore GST Demand Notice
Life Insurance Corporation of India (LIC) has been issued a GST demand notice of Rs 57.2 crore for excess Input Tax Credit (ITC) availed in FY2020-21.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Feb 24 (PTI) Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21.
The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.
The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said.
There is no material impact on financials, operations or other activities of the corporation, it added.
The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.
The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said.
There is no material impact on financials, operations or other activities of the corporation, it added.
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