LIC Gets Demand Notice Of ₹39 Lakh For Short Payments Of GST

Life Insurance Corporation of India (LIC) has been slapped a demand notice of Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for 2017-18. The public sector insurance behemoth has filed an appeal against the GST demand notice of Rs 19,64,584 for FY 2017-18 and interest applicable on it along with a penalty of Rs 19,74,584 before the Commissioner (Appeals), Ahmedabad on Tuesday. 

The public sector insurance major received demand order for interest and penalty from the Additional Commissioner, Central Goods & Service Tax, Gandhinagar on January 3, 2024, LIC said in a regulatory filing.