LIC Receives ₹663.45 Cr Demand Notice For GST Short Payment

The central GST has slapped a demand notice of about Rs 663.45 crore on Life Insurance Corporation of India (LIC) for short payment of Goods and Services Tax on Wednesday.

The tax demand notice follows close on the heels of Maharashtra GST demand for Rs 806 crore and Telangana GST for Rs 116 crore on New Year day.

LIC in its regulatory filings stated a communication was received demand order for interest and penalty from the Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate.

GST Notices Of ₹806 Cr From Maharashtra State Tax Office

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Earlier, the Goods and Services Tax (GST) authorities have issued a demand notice of Rs 806 crore to the public sector insurance major LIC (Life Insurance Corporation). The tax demand notice has been issued by the Maharashtra State GST authorities.

The tax demand notice of Rs 806 crore was related to the alleged shortfall in GST payment for the fiscal year 2017-18 and was served on New Year's Day, January 1, 2024.

The GST demand amounts to over Rs 365 crore, comprising a penalty of over Rs 404 crore and an additional interest of Rs 36 crore.

LIC shares

The shares of LIC on Thursday at 10:40 am IST were trading at Rs 841.70, up by 0.35 per cent.

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LIC Receives GST Notices Of ₹806 Cr From Maharashtra State Tax Office