Insurance behemoth Life Insurance Corporation of India (LIC) has received a GST-related demand order for ₹ 382 crore from the tax authorities of Gujarat.
The demand notice covers GST dues of ₹ 191 crore and a penalty of ₹ 191 crore besides applicable interest, according to an exchange filing by LIC. The demand, penalty and interest have been levied for FY’2017-18 & 2018-19.
The LIC has said there is no material impact on the Corporation’s financials, operations, or other activities from this demand order.
LIC would file an appeal before the Commissioner (appeals), Ahmedabad, against the said order within prescribed timelines, the life insurer added in the filing.
Meanwhile, LIC’s Mauritius Branch has received a demand order for a penalty from the Mauritius Revenue Authority for Mauritius Rupees ₹5,000 (about ₹9,500). The Mauritius branch has filed a representation with the Mauritius Revenue Authority to waive the penalty. The demand of penalty was levied for FY2018 to 2022 for non-compliance with income tax (common reporting standard) Regulations 2018 of Mauritius.
On January 3, LIC received a combined demand order of ₹667.5 crore from tax authorities in Tamil Nadu, Uttarakhand and Gujarat. Tamil Nadu’s GST demand was for ₹ 663.45 crore, Uttarakhand’s tax authority had asked for ₹4.28 crore, and Gujarat’s tax authority had put a tax demand of ₹39.39 lakh.
LIC had on January 1 received another GST demand order to the tune of ₹806.3 crore from tax authorities in Maharashtra.
On Friday, Shares of LIC closed in BSE at ₹ 844.4 per share, up ₹8.80 over the previous day’s close.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.