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India’s largest life insurance companies LIC India has received GST notice for the payment of Rs.57.22 crore.
In a recent corporate announcement, LIC said that the tax authority has demanded GST payment of Rs.57.22 crore for alleged violation of norms related to input tax credit (ITC).
Of this, the GST amount is Rs. 31 crore while the remaining is interest component of Rs. 23.13 crore and the penalty of Rs. 3.10 crore. LIC may appeal this order at the appellate.
The insurer clarified that the impact of this ruling is specific to the payments ordered and will not impact the financials or operations of the insurer.