LIC receives Demand Notice of GST worth Rs 178 crore
As per the company’s exchange filing report, the company received a communication or demand order for interest and penalty from the Additional Commissioner of Central GST & Central Excise in Jamshedpur.
The Life Insurance Corporation of India (LIC) has reported that tax authorities have issued a demand notice amounting to approximately Rs 178 crore for underpayment of Goods and Services Tax (GST) over two financial years. As per the company’s exchange filing report, the company received a communication or demand order for interest and penalty from the Additional Commissioner of Central GST & Central Excise in Jamshedpur.
This demand notice is specifically related to the premature accessibility of Input Tax Credit under the reverse charge mechanism. The GST demand, totaling Rs 161,62,33,898, along with applicable interest and a penalty notice of Rs 16,16,23,390, pertains to the financial years 2018-19 and 2019-20.
In a separate filing, LIC has revealed that the tax authorities have also issued a demand notice of around Rs 39.39 lakh for GST underpayment during the fiscal year 2017-18. Earlier, LIC was slammed by the Tax authorities with two demand notices aggregating to Rs 3,529 crore, in January 2024.
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