The Life Insurance Corporation of India (LIC) on Friday (June 28) said it received a demand order of Rs.3.59 crore for Goods & Services Tax (GST), along with interest and penalties, from the Superintendent of RANGE-III, Large Taxpayer Unit, Corporate Unit, West Bengal.
“…this is to inform that the Life Insurance Corporation of India (the Corporation) has received a communication/ demand order for Goods & Service Tax, Interest and penalty for West Bengal State. The order is appealable before the Commissioner (Appeals), West Bengal,” according to a stock exchange filing.
The specifics of the demand include GST amounting to Rs.3,59,29,763, a penalty of Rs.35,92,976, and applicable interest. The notice pertains to the financial year 2018-19 and alleges an excess claim of Input Tax Credit (ITC).
LIC has announced that the demand order is appealable before the Commissioner (Appeals), West Bengal. Despite the substantial figures involved, LIC has assured stakeholders that there will be no material impact on its financial, operational, or other activities.
Read more at: CNBC TV18
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