“LIC Receives Rs 183 Crore GST Notice from Telangana Tax Authority”
The Life Insurance Corporation of India (LIC) encountered a substantial Goods and Service Tax (GST) notice amounting to Rs 183 crore, encompassing pending dues, penalties, and interest from the Telangana branch of the taxation authority.
The Life Insurance Corporation of India (LIC) encountered a substantial Goods and Service Tax (GST) notice amounting to Rs 183 crore, encompassing pending dues, penalties, and interest from the Telangana branch of the taxation authority.
This “demand order-cum-penalty notice,” referring to the fiscal year 2017-18, outlines a demand of Rs 81.2 crore for pending GST dues, accompanied by a significant penalty of Rs 93.2 crore and an interest charge of Rs 8.1 crore, as reported by LIC.
Attributed to “short payment under reverse charge mechanism” and the claiming of “excess input tax credit,” LIC has the option to contest this order before the Appellate Joint Commissioner (ST), Hyderabad Rural Division, according to disclosures made to the stock exchanges.
Despite this notice, LIC clarified that the GST demand has no substantial impact on its financials, operations, or other activities.
However, the revelation triggered a dip in LIC shares, declining by Rs 11.10 or 1.42 percent from the day’s high. At the closing bell, the stock was valued at Rs 770 on the BSE, reflecting a 0.49 percent decrease compared to the previous day’s closure.
This development follows a similar occurrence over two months ago when Bihar imposed a hefty Rs 290-crore GST bill on LIC. The notice encompassed a tax demand of Rs 166.75 crore, an interest charge of Rs 107.05 crore, and a penalty of Rs 16.67 crore. The state tax officials penalized LIC for the “non-reversal of the Input Tax Credit (ITC) availed and utilised on non-leviable items to GST in the premium received from policyholders.”
Additionally, LIC faced an Rs 84 crore penalty notice from the Income Tax Department on October 3, related to tax filings during the assessment years 2012-13, 2018-19, and 2019-20. The company announced its intention to file an appeal against this order.
These successive notices and penalties underscore the regulatory challenges faced by LIC concerning GST and income tax compliance, prompting the corporation to explore legal options to contest and mitigate these financial impositions.
The LIC’s proactive approach in addressing these issues reflects its commitment to ensuring compliance with tax regulations while safeguarding its financial standing and operational integrity.
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