LIC gets GST demand notice of Rs 39.39 lakh

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 39.39 lakh on it for short payment of Goods and Services Tax (GST) for 2017-18.

The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central Goods & Service Tax, Gandhinagar on January 3, 2024, LIC said in a regulatory filing.

The corporation has filed an appeal against the order demanding GST of Rs 19,64,584 for FY 2017-18 and interest applicable on it along with a penalty of Rs 19,74,584 before the Commissioner (Appeals), Ahmedabad on March 26, 2024, it said.