Life Insurance coverage Company of India (LIC) on Thursday stated it has acquired a requirement discover of Rs 479.88 crore for brief fee of Items and Companies Tax (GST) for 2020-21. The corporate has acquired a communication/demand order for curiosity and penalty for Maharashtra on February 27 from Deputy Commissioner of State Tax, Mumbai, LIC stated in a regulatory submitting. The demand discover pertains to mistaken availment and brief reversal of Enter Tax Credit score (ITC), Curiosity on late funds, brief fee of tax legal responsibility, it stated.
The order is appealable earlier than the Joint Commissioner of State tax (Appeals), Mumbai, it stated.
The monetary impression of the demand is to the extent of the GST (Rs 242.23 crore), Curiosity (Rs 213.43 crore) and Penalty (Rs 24.22 crore), it stated, including, there isn’t a materials impression on financials, operations or different actions of the company.