On Wednesday, the Life Insurance Corporation of India (LIC) disclosed that tax authorities have issued a demand notice amounting to approximately Rs 663.45 crore for alleged underpayment of Goods and Services Tax (GST).
LIC stated in a regulatory filing that it received a communication detailing interest and penalty from the Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate, on January 1. The demand relates to purportedly erroneous availment of Input Tax Credit (ITC) and the incorrect declaration of turnover as non-GST supply in GSTR-1 for the financial years 2017-18 and 2018-19.
The corporation intends to file an appeal against this order before the Commissioner (Appeals) in Chennai within the stipulated timelines.
LIC assured that this issue won't significantly impact its financials, operations, or other activities.
This announcement followed a previous demand order received on Tuesday, wherein LIC faced a demand for interest and penalty of approximately Rs 116 crore for GST underpayment in Telangana for the year 2017-18. Notably, a similar notice was received on January 1, citing a demand of around Rs 806 crore for short payment of GST, including interest and penalties, pertaining to Maharashtra.
(With Agency Inputs)
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