Life Insurance Corporation of India has received the demand of GST, interest and penalty notice for F.Y. 2017-18
to F.Y. 2018-19 for an alleged short payment of tax and excess availment of ITC, according to the Company’s exchange filing.
Additional Commissioner, Central Goods & Service Tax, Imphal has imposed a GST demand of ₹ 2,22,13,292/- and penalty of ₹ 2,22,13,292/-.The Company is likely to challenge the order before the appropriate authority. “The order is appealable before the Commissioner (Appeals),” said LIC in their regulatory filing.
The disclosure before the exchange was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Source #ET
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