LIC to appeal against GST tax notice of Rs 290 crore
LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders.
Life Insurance Corporation (LIC) on Friday said it would file an appeal against the tax notice of Rs 290 crore by the Goods and Services Tax (GST) authority of Patna.
The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a demand of GST, interest and penalty on September 21, LIC said in a regulatory filing.
LIC would file an appeal before the GST Appellate Tribunal against the said order within prescribed timelines, it said.
The tax authority has alleged that among other violations, LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.