Life Insurance Corporation of India (LIC) disclosed on Tuesday that tax authorities have issued demand notices amounting to approximately Rs 178 crore for the short payment of Goods and Services Tax (GST) for the financial years 2018-19 and 2019-20. The demand pertains to the pre-mature availment of Input Tax Credit on reverse charge mechanism. Additionally, LIC faces a penalty and interest notice totaling Rs 16.16 crore for the specified period.
In a separate filing, LIC revealed that tax authorities have imposed a demand notice of about Rs 39.39 lakh for the fiscal year 2017-18. The corporation has lodged an appeal against the order, contesting the GST demand of Rs 19.64 lakh for FY 2017-18, inclusive of applicable interest and penalty charges, before the Commissioner (Appeals), Ahmedabad, on March 26, 2024.
Furthermore, LIC disclosed another appeal filed before the Commissioner (Appeals), Dehradun, against an order demanding GST of Rs 3.89 crore for the fiscal year 2017-18. The appeal challenges the GST demand along with interest charges and a penalty totaling Rs 38.92 lakh.
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