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LIC gets GST Demand Notice from CGST Commissionerate, Haryana
Life Insurance Corporation of India (LIC) receives GST demand of Rs. 3.02 crore for FY2018-19 to FY2022-23 from Haryana authorities. The matter is under appeal.
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State-owned Life Insurance Corporation of India has received demand order for Goods & Service Tax, Interest and penalty for Haryana State from Additional Commissioner, Central Goods and Service tax Commissionerate, Panchkula, Haryana.
The Demand of GST, interest and penalty notice for F.Y. 2018-19 to FY 2022-23 is Rs 301,81,981.
The nature of the violations has been cited as Short-reversal of common ITC under Rule 42
The order is appealable before the Commissioner (Appeals), Panchkula, Haryana.
The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation, the company added in the filing.