The tax authority has alleged that among other violations, LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders
Mumbai:
The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a demand of GST(Goods and Services Tax ), interest and penalty of over Rs 290 crore on September 21, LIC said in a regulatory filing on Friday..
LIC would file an appeal before the GST Appellate Tribunal against the said order within prescribed timelines, it said.
The tax authority has alleged that among other violations, LIC did not reverse the Input Tax Credit (ITC) availed on the premium received by the corporation from policy holders.
The tax demand is for over Rs 166.75 crore, the interest on this has been cited as over Rs 107.05 crore and the penalty has been shown as Rs 16.67 crore.