LIC receives GST demand notice of Rs 57.2 crore for excess ITC availed for FY 21
According to a regulatory filing from LIC, the company received a communication/demand order from the Assistant Commissioner of Delhi on Monday regarding the excess ITC that was utilised.
LIC receives GST demand notice of Rs 57.2 crore for excess ITC availed for FY 21
On Monday, the Life Insurance Corporation of India (LIC), a state-owned organisation, announced that the tax authorities have issued a demand notice for approximately Rs 57.2 crore in respect of the excess Input Tax Credit (ITC) it had obtained for the fiscal year 2020-21.
According to a regulatory filing from LIC, the company received a communication/demand order from the Assistant Commissioner of Delhi on Monday regarding the excess ITC that was utilised.
The demand's financial impact is equivalent to the GST (Rs 31,04,35,201), interest (Rs 23,13,21,002), and penalty (Rs 3,10,43,519), according to the statement. It was further stated that the corporation's financials, operations, or other activities are not materially affected.
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