GST Authority Fines LIC For Lower Payment of Taxes
According to a notice from the State Taxes Officer in Srinagar dated 9 October 2023, LIC paid 12 per cent GST rather than 18 per cent on a few invoices
Life Insurance Corporation (LIC) has been fined Rs 36,844 by the GST authority for underpaying taxes, LIC said in a regulatory filing.
It also stated that company has received a communication/demand order for the state of Jammu and Kashmir’s GST collection as well as interest and penalties. The tax office has issued a demand order/ penalty notice for 2019–20, which includes interest and penalties totaling Rs 6,382 and Rs 10,462 for GST.
According to a notice from the State Taxes Officer in Srinagar dated 9 October 2023, LIC paid 12 per cent GST rather than 18 per cent on a few invoices.
The company also cleared that fine would not have any material impact on financials, operations or other corporate activities.
LIC’s poor performance persisted in the month of September as well. It reported a 27 per cent drop in new business premiums (NBP), notwithstanding growth recorded by private insurers.