This order is eligible before the United States Tax Commissioner (Appeal) of Mumbai.
Life Insurance Corporation of India (LIC) has suffered a strong setback. The public sector life insurance company said on Thursday that it received a demand notice of Rs 479.88 crore for low payment of Goods and Services Tax (GST) for 2020-21. According to PTI news, LIC said in a regulatory filing that the company received a communication/demand order for interest and fine for Maharashtra from the State Tax Deputy Commissioner of Mumbai on February 27.
Demand notice received from here
According to the news, this demand is related to the wrong benefit of notice input tax credit (ITC) and low reversal, interest on late payment, low payment of tax liability. This order is eligible before the United States Tax Commissioner (Appeal) of Mumbai. The demand notice stated that the financial impact of the demand is equal to GST (Rs 242.23 crore), interest (Rs 213.43 crore) and fine (Rs 24.22 crore). In addition, it has no physical effect on the company’s financial position, operation or other activities.
Notice received from here
Life Insurance Corporation of India (LIC) has recently been given a notice of about Rs 57.2 crore to the company for additional input tax credit (ITC) received in FY 2020-21. The LIC said that the company received a notice from the Assistant Commissioner of Delhi on Monday in relation to additional ITC. According to the information, the financial impact of the demand is to the limit of GST (Rs 31,04,35,201), interest (Rs 23,13,21,002) and fine (Rs 3,10,43,519). It states that it will not have any effect on the finance, operation or other activities of LIC.
LIC quarterly result
The net profit of LIC has been recorded by 17 percent to Rs 11,056 crore in the third quarter of the current financial year. The country’s largest insurance company had a profit of Rs 9,444 crore in the October-December quarter of FY 2023-24. The net premium income declined to Rs 1,06,891 crore during the LIC’s review, which was Rs 1,17,017 crore in the same period of the previous financial year.
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