February 29, 2024

On January 2, LIC acquired a GST discover of Rs 806.3 crore

LIC shares fell one p.c in early commerce on January 12 because the state-owned insurer acquired two demand orders price Rs 3,528.75 crore from the earnings tax authorities in Mumbai.

As of 10.03 am, shares of LIC had been buying and selling at Rs 833, decrease by 0.12 p.c.

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For the AY 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, the Earnings Tax Division has issued an intimation for a refund of Rs 25,464.46 crore, following an order from Earnings Tax Appellate Tribunal (ITAT).

The Earnings Tax Appellate Tribunal (ITAT) had directed the assessing officer to look at LIC’s utilization of surplus, associated to an interim bonus talked about within the evaluation order. After reconsideration, the assessing officer disallowed the interim bonus, resulting in a tax impact of Rs 2,133.67 crore.

Equally, for AY 2015-16, LIC has been issued a requirement discover for Rs 1,395.08 crore. The Life Insurance coverage Company of India will file an attraction earlier than the Commissioner (Appeals), Mumbai, towards the stated orders.

There isn’t a materials influence on financials, operations or different actions of the company, in keeping with LIC.

On January 2, LIC acquired a GST discover of Rs 806.3 crore from the Maharashtra deputy commissioner of state tax for varied compliance-related shortcomings in FY 2017-18. The demand discover contains Rs 365.02 crore of GST dues, Rs 404.7 crore of penalty, and an curiosity cost of Rs 36.5 crore.

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