Government Life Insurance Corporation of India i.e. LIC has received another notice from GST. This notice received by LIC is a demand notice, in which a demand of Rs 663 crore has been made by the GST Department. This is the second GST notice received by LIC in the last one week.
Chennai Commissionerate sent the notice
According to a PTI report, this notice to LIC was sent by CGST and Central Excise Commissioner, Got it from the office of Chennai North Commissionerate. LIC received this notice on January 1. After that the company also informed the stock markets about the notice on January 3. LIC has received this demand notice of about Rs 663.45 crore due to shortfall in payment of Goods and Services Tax.
Demand sent due to this reason
It has been said in the demand notice that the company Has taken wrong advantage of input tax credit. Apart from this, the company declared the turnover as non-GST supply in GSTR-1 during 2017-18 and 2018-19, but tax is payable on it. In the notice, LIC has been given an opportunity to file the appeal within the stipulated time limit. The company can appeal against the notice to the Commissioner, Chennai.
Maharashtra GST notice
Earlier, LIC had also received a GST notice of more than Rs 800 crore from Maharashtra GST. . Maharashtra’s Deputy Commissioner of State Tax sent a notice of Rs 806.3 crore to LIC regarding some deficiencies of 2017-18. This notice included GST dues of Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore.
Many notices received in 3 months
LIC had received GST dues even before this. Notices have been received from. In the month of December, Telangana GST served a notice of Rs 183 crore to LIC. On September 22, LIC had received a notice from Bihar GST. That notice was for more than Rs 290 crore. Before that, in October 2023, GST authorities had imposed a fine of Rs 36,844 on LIC for paying less tax. In October itself, Jammu and Kashmir GST had also given notice to LIC.
