India News | LIC Gets GST Demand Notice of Rs 663 Crore

New Delhi, Jan 3 (PTI) Life Insurance Corporation of India (LIC) on Wednesday 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.

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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.

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There is no material impact on financials, operations or other activities of the corporation, it added.

On Tuesday, 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.

The demand for Telangana came a day after LIC on January 1 received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

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