On January 3, 2024, Life Insurance Corporation of Indiagot a communication/demand order for interest and penalty from the Additional Commissioner of Central Goods and Service Tax, Gandhinagar, according to LIC’s regulatory filing.
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The corporation has filed an appeal against the ruling that demands Rs 19,64,584 in GST for fiscal year 2017-18.
The Life Insurance Corporation of India (LIC) stated on Tuesday that tax authorities had issued it a demand notice for around Rs 39.39 lakh for failing to pay Goods and Services Tax (GST) for 2017-18.
On January 3, 2024, the Additional Commissioner, Central Goods and Service Tax, Gandhinagar issued a communication/demand order for interest and penalty to LIC, according to a regulatory filing.
On March 26, 2024, the corporation filed an appeal before the Commissioner (Appeals), Ahmedabad, challenging the judgment demanding Rs 19,64,584 in GST for FY 2017-18, as well as interest and a penalty of Rs 19,74,584.
Frequently Asked Questions (FAQs)on Life Insurance Corporation of India
1. What is the total amount of the GST demand notice received by Life Insurance Corporation of India?
The total amount of the GST demand notice received by LIC is approximately Rs 39.39 lakh.
2. When did LIC receive the communication/demand order from the tax authorities?
LIC received the communication/demand order from the tax authorities on January 3, 2024.
3. What is the appeal filed by LIC against the GST demand?
LIC has filed an appeal against the GST demand, contesting an amount of Rs 19,64,584 for the fiscal year 2017-18.
4. How much GST is demanded for the fiscal year 2017-18?
For the fiscal year 2017-18, a total GST amount of Rs 19,64,584 is demanded from LIC.
5. What penalties and interest charges are included in the demand notice?
The demand notice includes both interest charges and penalty amounts, totaling Rs 19,74,584.
6. Where was the appeal filed by LIC?
LIC filed the appeal against the GST demand before the Commissioner (Appeals), Ahmedabad.
7. When did LIC submit the regulatory filing?
LIC submitted the regulatory filing in response to the GST demand on March 26, 2024.
8. What are the consequences of not responding to the demand notice?
Not responding to the demand notice could lead to further legal actions and potential financial implications for LIC.
9. Can the GST demand be disputed by LIC?
Yes, LIC has the option to dispute the GST demand by filing an appeal and presenting its case.
10. Is there any possibility of resolving the issue without penalty?
There might be possibilities for LIC to resolve the issue without penalty through negotiation, clarification, or legal recourse.
