Quick Summary
Life Insurance Corporation (LIC) of India has been hit with a GST demand and penalty order totalling Rs 605.5 crore for the fiscal year 2019-20 (FY20). In a regulatory filing to the stock exchanges, the leading life insurer disclosed that the order is appealable before the Joint Commissioner of Stat
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FAQ :
LIC has received a GST demand and penalty order totalling Rs 605.5 crore for the fiscal year 2019-20.
The demand includes Rs 294.4 crore in GST, Rs 281.7 crore in interest, and a Rs 29.4 crore penalty.
The demand is due to the alleged wrong availment and short reversal of Input Tax Credit (ITC) and interest on late payments.
LIC has clarified that the demand has no material impact on its financials, operations, or other activities.
LIC plans to file an appeal against the order before the Joint Commissioner of State Tax (Appeals), Mumbai.
Yes, in March 2024, LIC received a demand notice for approximately Rs 178 crore for short payment of GST over two financial years.
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