LIC receives Rs 57.27 Cr GST notice for availing excess ITC, BFSI News, ET BFSI
Life Insurance Corporation of India (LIC) on Monday stated that it has obtained a requirement discover from the GST authorities for allegedly availing extra Input Tax Credit (ITC) for the monetary 12 months 2020-21.
The discover, issued by the Assistant Commissioner of GST, Ward 206, Zone 11, Delhi, calls for a complete fee of Rs 57,27,99,722, which incorporates Rs 31.04 crore in GST, Rs 23.13 crore in curiosity, and Rs 3.10 crore in penalties.
State owned Insurance big disclosed this growth in a regulatory submitting to the exchanges. The insurer clarified that the demand is appealable earlier than the Commissioner (Appeals), Delhi, and acknowledged that whereas the monetary affect is proscribed to the required quantity, there shall be no materials impact on its total operations.
The company has not indicated its subsequent plan of action however is anticipated to problem the discover.
Enter Tax Credit score permits companies to offset their tax legal responsibility by claiming credit score for taxes paid on inputs.
