LIC receives demand notice of Rs 605.58 cr for short payment of GST

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20.

The corporation has received a communication/demand order for interest and penalty for Maharashtra, LIC said in a regulatory filing.

The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said.

The matter pertains to wrong availment and short reversal of Input Tax Credit (ITC) and interest on late payments, it said.

LIC received a GST notice of Rs 294 crore with interest of Rs 281 crore and a penalty of Rs 29 crore from the Deputy Commissioner of State Tax, Mumbai.

There is no material impact on financials, operations or other activities of the insurance behemoth, it added.