The Life Insurance Corporation of India (“the Corporation”) has received a demand order for Goods and Services Tax, Interest and Penalty in Maharashtra State. The order is appealable to the Joint Commissioner of State Tax (Appeals) in Mumbai.
Check details below:
- Name of the authority: Deputy Commissioner of State Tax, Mumbai.
- Nature and details of the actions: Demand of GST, interest and penalty notice for F.Y. 2019-20:
GST – INR 2,94,43,47,220/-
Interest – INR 2,81,70,71,780/-
Penalty – INR 29,44,73,582/- - Details of the violation: Wrong availment & short reversal of ITC & Interest on late payments.
In the meantime, LIC shares were down 1.24% at Rs 1,071.00 on the BSE today (August 29).
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