Life Insurance coverage Company of India (LIC) on Wednesday stated tax authorities have slapped a requirement discover of about Rs 663.45 crore on it for brief cost of Items and Companies Tax (GST).
The company has acquired communication/demand order for curiosity and penalty from Workplace of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC stated in a regulatory submitting.
The demand pertains to flawed availment of Enter Tax Credit score (ITC) and non-payment on tax on turnover wrongly declared as non-GST provide in GSTR-1 for 2017-18, and 2018-19, it stated.
The company shall file an attraction earlier than the Commissioner (Appeals), Chennai in opposition to the stated order inside the prescribed timelines, it stated.
There is no such thing as a materials affect on financials, operations or different actions of the company, it added.
On Tuesday, the corporate acquired a requirement order for curiosity and penalty of about Rs 116 crore for Telangana state for brief cost of GST for 2017-18.
The demand for Telangana got here a day after LIC on January 1 acquired the same discover demanding about Rs 806 crore for brief cost of GST for 2017-18 together with curiosity and penalty for Maharashtra.
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First Revealed: Jan 03 2024 | 11:31 PM IST
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