LIC Gets Rs 3,529 Crore GST Demand Notice From Mumbai Tax Authority

Life Insurance Corp. has received a Goods and Services Tax demand notice of Rs 3,529 crore from the tax authorities in Mumbai.

The notice will not impact the finances or other operations of the company, it said in its exchange filing on Thursday. It will file an appeal before the Commissioner of Income Tax.

On Jan. 5, the insurance company had received a demand notice of Rs 382 crore from the tax authorities of Gujarat for GST collection, along with interest and penalties for FY18 and FY19.

On Jan. 3, the company had received a combined demand notice of Rs 667.5 crore from tax authorities in Tamil Nadu, Uttarakhand and Gujarat. Tamil Nadu’s GST demand was for Rs 663.45 crore, while Uttarakhand’s tax authority had asked for Rs 4.28 crore and Gujarat’s tax authority had sent it a demand for Rs 39.39 lakh.

LIC had received another GST demand notice on Jan. 1 for Rs 806.3 crore from the Maharashtra tax authorities.

Shares of LIC closed 0.51% lower at Rs 834 apiece, as compared with a 0.09% rise in the benchmark BSE Sensex.

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