Life Insurance Corporation (LIC) of India has filed an appeal with the Joint Commissioner of State Tax, Mumbai, contesting an order issued by the Deputy Commissioner of State Tax, Mumbai.
On July 27, LIC notified the exchanges that the appeal was filed against a demand for GST amounting to Rs 7,217,630,240, along with interest of Rs 7,760,961,048 and a penalty of Rs 721,871,003 for the financial year 2018-19.
LIC stated, “In continuation of our previous communication dated April 30, 2024 (Ref. No. LIC/SE/2024 25/14), we inform that Life Insurance Corporation of India has filed an appeal before the Joint Commissioner of State Tax (Appeals), Mumbai, on July 26, 2024, at 8:50 p.m. against the order from the Deputy Commissioner of State Tax, Mumbai.”
In March, tax authorities had issued a demand notice of approximately Rs 178 crore to LIC for alleged short payment of Goods and Services Tax (GST) for two financial years.
For the March quarter of the financial year 2023-24, LIC reported a 2.5% increase in net profit, reaching Rs 13,762 crore, up from Rs 13,421 crore in the same period the previous year.
