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Grapevine

LIC Faces Rs 479.88 Crore GST Demand

  • The Life Insurance Corporation of India (LIC) has been issued a GST demand order of Rs 479.88 crore for the financial year 2020-21 by the Deputy Commissioner of State Tax, Mumbai.
  • The demand includes Rs 242.23 crore in GST, Rs 213.43 crore in interest, and Rs 24.22 crore as a penalty, based on alleged wrong availment and short reversal of input tax credit (ITC), interest on late payments, and short payment of tax liability.
  • LIC has stated that the demand order is appealable and clarified that it does not materially impact its financials or operations.
  • Following the announcement, LIC's share price dropped 2.04 per cent, closing at Rs 741.10 on the BSE.
  • LIC plans to challenge the demand order, and the final financial impact will depend on the outcome of the appeal, with analysts believing LIC’s strong market position will help it absorb any potential financial strain.

Source: Times Now News, The Times Of India

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