LIC Files Appeal Before Joint Commissioner of State Tax, Mumbai, Against GST Demand Order
By: Admin | July 27, 2024 | Categories: GST Recent News
Life Insurance Corporation (LIC) of India has filed an appeal before the Joint Commissioner of State Tax, Mumbai, against an order issued by the Deputy Commissioner of State Tax, Mumbai.
On July 27, LIC informed exchanges that the appeal was filed against a demand order for GST of Rs. 7,217,630,240/-, interest of Rs. 7,760,961,048/-, and penalty of Rs. 721,871,003/- for FY 2018-19.
“In continuation of our earlier filing vide ref. no.: LIC/SE/2024 25/14 dated April 30, 2024, this is to inform that Life Insurance Corporation of India (‘the Corporation’) 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 issued by Deputy Commissioner of State Tax, Mumbai,” LIC stated.
Earlier, in March, tax authorities issued a demand notice of about Rs 178 crore on LIC for the short payment of Goods and Services Tax (GST) for two financial years.
LIC reported a 2.5 percent year-on-year rise in net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24, up from Rs 13,421 crore in the year-ago period.
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