LIC receives Rs 116 crore demand notice from GST Department

3 Jan 2024 , 01:41 PM

The Life Insurance Corporation of India (LIC) announced on Tuesday that tax authorities had issued a demand notice for Rs 116 crore for failing to pay Goods and Services Tax (GST) for 2017-18. On January 2, LIC got a communication/demand order for interest and penalty for Telangana state, according to a regulatory filing.

The corporation will submit an appeal against the ruling before the Joint Commissioner (ST), Hyderabad Rural Division within the timeframes specified. There is no major impact on the corporation’s financials, operations, or other activities, it noted.

The Telangana demand came a day after LIC got a similar notification asking Rs 806 crore for late payment of GST for 2017-18, plus interest and penalties, from Maharashtra.

At around 1.24 PM, LIC was trading 0.43% higher at Rs 841.30, against the previous close of Rs 837.70 on NSE. The counter touched an intraday high and low of Rs 853.30 and Rs 836.60, respectively.

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