Insurance News

LIC GST: GST Authority imposes Rs 36,844 penalty on LIC

Life Insurance Corporation on Wednesday said the GST Authority has imposed a fine of Rs 36,844 on LIC for lower payment of taxes. The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state, LIC said in a regulatory filing.

As per the notice dated October 9, 2023, by the State Taxes Officer, Srinagar, LIC paid 12 per cent GST instead of 18 per cent on certain invoices.

The tax authority has raised a demand order cum penalty notice for 2019-20– GST – Rs 10,462, penalty Rs 20,000 and interest Rs 6,382.

There is no material impact on financials, operations or other activities of the corporation, it said.

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