LIC Gets Demand Notice Of ₹178 Crore For Short Payments Of GST

The public sector insurance major Life Insurance Corporation of India (LIC) has been slapped with another demand notice of Rs 178 crore for short payment of Goods and Services Tax (GST) for two financial years.

Reason For Demand Notice

The GST demand notice is for pre-mature availment of Input Tax Credit on reverse charge mechanism.

The tax demand of Rs 161,62,33,898 with applicable interest and penalty notice of Rs 16,16,23,390 is for 2018-19 and 2019-20.

Earlier Demand Notice Against LIC

Earlier LIC had been slapped a demand notice of Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for the year 2017-18.

LIC's Appeals Against The Tax Demands

The insurance giant has appealed against both the tax demands at Dehradun and Ahmedabad GST commissionerate.