LIC files appeal before Jt Commissioner of State Tax, Mumbai, against GST demand order

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.

Life Insurance Corporation (LIC) of India has filed an appeal before before Joint Commissioner of State Tax, Mumbai against the order issued by Deputy Commissioner of State Tax, Mumbai.

LIC, informing exchanges on July 27, said that the appeal has been filed against the order demanding GST of Rs. 7,217,630,240/-, interest of Rs. 7,760,961,048/- and penalty of Rs. 721,871,003/- for FY 2018-19.

It said, "In continuation to our earlier filing vide ref. no.: LIC/SE/2024 25/14 dated April 30, 2024, this is to inform that Life Insurance Corporation of India (“the Corporation”) has filed an appeal before Joint Commissioner of State Tax (Appeals), Mumbai on July 26, 2024 at 8:50 p.m. against the order issued by Deputy Commissioner of State Tax, Mumbai."

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.

LIC reported a 2.5 percent year-on-year rise in net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24, from Rs 13,421 crore in the year-ago period.