By Express News ServiceNEW DELHI: The government-owned Life Insurance Corporation (LIC) of India has received Goods and Services Tax (GST) demand amounting to Rs 806 crore, the insurance company said in an exchange filing on Monday. The total tax demand includes Rs 365 crore as GST demand, Rs 404.8 crore as penalty and Rs 36 crore as interest. The tax demand has been raised by deputy commissioner of state tax, Mumbai, Maharashtra.The tax pertains to non-reversal of input tax credit under rules 42 & 43 of CGST Act and reversal of ITC availed from reinsurance. The total tax demand includes Rs 365 crore as GST demand, Rs 404.8 crore as penalty and Rs 36 crore as interest. It further says that the tax demand will not have any material impact on financials, operations or other activities of the company.

Source: Indian Express January 02, 2024 11:56 UTC