Life Insurance Corporation of India (LIC) on January 3 said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST). The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing.
The demand pertains to wrong availment of Input Tax Credit
(ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said. The corporation shall file an appeal before the Commissioner (Appeals), Chennai against the said order within the prescribed timelines, it said.
On January 2, the company received a demand order for interest and penalty of about Rs 116 crore for Telangana state for short payment of GST for 2017-18.
Read more at: moneycontrol
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