February 22, 2024

Earlier, shares of LIC ended the day at Rs 838.65, up 0.11 p.c.

Life Insurance coverage Company (LIC) of India on January 3 mentioned that it acquired three orders from tax authorities to pay a complete Rs 668 crore. The life insurance coverage behemoth will enchantment towards all three orders.

“That is to tell you that the Company has acquired orders from GST authorities for the gathering of GST, curiosity and penalty for Tamil Nadu, Uttarakhand and Gujarat states,” LIC mentioned in an alternate submitting. “Company shall file an enchantment earlier than Commissioner (Appeals), Chennai, Commissioner (Appeals), Dehradun and Commissioner (Appeals), Ahmedabad respectively, towards the mentioned orders throughout the prescribed timelines.”

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The insurance coverage behemoth claimed that there was no materials impression on financials, operations or different actions of the company because of the abovementioned orders.

The primary order got here from Tamil Nadu’s tax authority ordering LIC to pay Rs 663 crore. The tax authority alleged a number of violations, together with availing fallacious ITC (Enter Tax Credit score) on provides, that are blocked credit score, non-reversal of frequent ITC attributable to exempted provides, availing fallacious ITC with out legitimate obligation paid paperwork; and non-payment on tax on turnover wrongly declared as non-GST provide in GSTR-1. The demand is for FY18-19.

Equally, the order from Uttarakhand authority requested LIC to cough up Rs 4.28 crore, whereas the Gujarat-based authority requested to pay Rs 39 lakh. The calls for are for FY18.

Earlier, shares of LIC ended the day at Rs 838.65, up 0.11 p.c.