In a recent development, the Life Insurance Corporation of India (LIC) revealed on Monday that tax authorities have served a demand notice amounting to about Rs 806 crore. The notice pertains to the alleged shortfall in GST payment for the financial year 2017-18.
On Monday, LIC reported in a regulatory filing that it received a communication/demand order for the collection of GST, including interest and penalty, in the Maharashtra state.
Also Read: HUL Receives GST Demand, Penalties Of Rs 447.5 Cr From 5 States
The insurer shall file an appeal before Commissioner (Appeals), Mumbai against the said order within the prescribed timelines, it said.
There is no material impact on financials, operations, or other activities of the Corporation, it added.
Life Insurance Corporation of India is the largest life insurer in India, boasting a massive market share across various metrics. It’s a state-owned insurance company, offering a wide range of life insurance plans and policies with tax benefits and multiple cover options.
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