GST Authority fines LIC Rs 36,844

12 Oct 2023 , 02:02 PM

Life Insurance Corporation reported on Wednesday that the GST Authority fined LIC Rs 36,844 for paying taxes less than required.

According to LIC in a regulatory filing, the company has received a communication/demand order for the state of Jammu & Kashmir’s GST collection as well as interest and penalties.

LIC paid 12% GST rather than 18% on several bills, according to a notice from the State Taxes Officer, Srinagar, dated October 9, 2023.

A demand order cum penalty notice for GST of Rs 10,462, a penalty of Rs 20,001, and interest of Rs 6,382 has been raised by the tax authority for 2019–20.

According to the statement, there has been no major impact on the corporation’s operations, financials, or other activities.

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