The Life Insurance Corporation of India (LIC) has received a tax demand order of Rs 2,370.3 crore for the financial years 2021–22 to 2023–24. This includes GST with interest and penalty.
The company in its regulatory filing disclosed, “the Life Insurance Corporation of India (“the Corporation”) has received communication/ demand order for Goods & Service Tax, Interest and penalty for Maharashtra State.”
Maharashtra issues over Rs 2,370 crore GST demand
The total demand comprises, GST of Rs 1,382.51 crore, Interest of Rs 849.56 crore and Penalty: Rs 138.25 crore
The notice has been issued on grounds of excess Input Tax Credit (ITC) claimed during the period under review.
LIC said the financial impact is limited to the amount of GST, interest and penalty demanded. The corporation added that there is no material impact on its operations or other activities.
The insurer said the communication was issued by the Deputy Commissioner of State Tax, Chembur, Mumbai, and was received on December 10. The order is appealable before the Commissioner (Appeals), Mumbai.
Yesterday, on November 9, the Haryana tax authority also demanded GST and a penalty of Rs 3 crore each, along with applicable interest.
Share price of LIC
The share price of Life Insurance Corporation of India (LIC) has declined 4.23% so far this year.
