Life Insurance Corporation of India said on August 29 that it has received a notice for GST demand, interest & penalty order worth Rs 605.58 crore, from the Deputy Commissioner of State Tax, Mumbai.
According to an exchange filing by LIC, the demand order for FY20 is split into GST of Rs 2,94,43,47,220; interest of Rs 2,81,70,71,780 and penalty of Rs 29,44,73,582.
"There is no material impact on financials, operations or other activities of the corporation," LIC said in the filing.
Incidentally, LIC received another GST demand order on Wednesday, which was from the Deputy Commissioner, DGSTO-5, Bengaluru, Karnataka, for an amount of Rs 38.09 crore. This amount was split into GST of Rs 1,83,32,790; interest of Rs 1,79,19,690 and penalty of Rs 18,33,280.
In July, LIC said it had filed an appeal before before Joint Commissioner of State Tax, Mumbai against the order issued by Deputy Commissioner of State Tax, Mumbai, for a GST order of Rs 794 crore, for FY19.
Earlier, in March, tax authorities slapped a demand notice of about Rs 178 crore on LIC for short payment of Goods and Services Tax (GST) for two financial years.
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