LIC Gets Rs 806-Crore GST Demand Notice

New Delhi: Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 806 crore on it for alleged short payment of GST for 2017-18.

LIC received a communication/demand order on Monday for collection of GST along with interest and penalty for Maharashtra state, the insurer said in a regulatory filing. (Also Read: Online Scam Preys On Mumbai Senior Citizen, Resulting In Rs 4.4 Lakh Loss)

The insurer shall file an appeal before Commissioner (Appeals), Mumbai against the said order within the prescribed timelines, it said. (Also Read: New Packaging Rules: Date Of Manufacturing, Unit Sale Price Now Mandatory On All Packages)

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