LIC appeals GST demand of ₹104.90 crore for FY20

BL Mumbai Bureau Updated - November 28, 2024 at 12:25 PM.

The order, issued by the Joint Commissioner in Chennai, also includes a demand for interest amounting to ₹45.53 lakh and a penalty of ₹11.03 crore

Despite the financial implications, LIC stated that the demand will not have a significant impact on its financials, operations, or activities. | Photo Credit:

Life Insurance Corporation of India (LIC) said it has filed an appeal before the GST Appellate Authority, Tamil Nadu, against an Order demanding GST of ₹104.90 crore for FY 2019-20.

The Order was issued by Joint Commissioner, Chennai, North Anna Salai: Central -III, Chennai Central.

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In addition to GST, LIC has been asked to pay an interest of ₹45.53 lakh and a penalty of ₹11.03 crore.

“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,” LIC said in its regulatory filing.

Published on November 28, 2024 04:07