LIC receives GST demand order from Karnataka government
New Delhi: State-run Insurance Firm, Life Insurance Corporation of India (LIC) has received communication/ demand order for Goods & Service Tax, Interest and penalty for Karnataka State. The order is appealable before the Commissioner (Appeals), Karnataka.
The penalty of the GST demand order is Rs 1.03 crore for FY 2021-22.
The Name of the authority which sends the order is Deputy Commissioner, Large Taxpayers Unit-LTU, Bengaluru, Karnataka. The details of the violation are Excess Input Tax Credit (ITC) Claimed.
The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation.
Shares of LIC are trading down by 0.38% at Rs 846.50 at BSE.