LIC gets GST demand notice of Rs 479.88 crore

Life Insurance Corporation of India (LIC) on Thursday said it has received a demand notice of Rs 479.88 crore for short payment of Goods and Services Tax (GST) for 2020-21.

The company has received a communication/demand order for interest and penalty for Maharashtra on February 27 from Deputy Commissioner of State Tax, Mumbai, LIC said in a regulatory filing.

The demand notice pertains to wrong availment and short reversal of Input Tax Credit (ITC), Interest on late payments, short payment of tax liability, it said.

The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said.

The financial impact of the demand is to the extent of the GST (Rs 242.23 crore), Interest (Rs 213.43 crore) and Penalty (Rs 24.22 crore), it said, adding, there is no material impact on financials, operations or other activities of the corporation.