LIC gets GST demand notice of Rs 178 crore

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Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 178 crore on it for short payment of Goods and Services Tax (GST) for two financial years.

The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central GST & Central Excise Jamshedpur, LIC said in a regulatory filing.

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

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

In a separate filing LIC said, tax authorities have slapped a demand notice of about Rs 39.39 lakh on it for short payment of GST for 2017-18.

The corporation has filed an appeal against the order demanding GST 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 March 26, 2024, it said.

In another filing LIC said, an appeal has been filed before Commissioner (Appeals), Dehradun against the order demanding GST of Rs 3,89,25,914 for 2017-18 and interest applicable on it along with a penalty of Rs 38,92,592.