LIC receives reduced GST demand after rectification order in Maharashtra
Life Insurance Corporation has received a rectification order based on a rectification hearing held on November 14, 2024, before the Commissioner, GST, Maharashtra State, according to an exchange filing.
The GST authority has reduced the demand for Tax, Interest and Penalty for FY 2019-20. The rectification order directs the insurance company to pay GST, interest and penalty notice for F.Y. 2019-20: GST – Rs.46,74,85,723/-; Interest – Rs.23,58,42,729/-; Penalty – Rs.4,67,48,573/-.
On August 29, 2024, LIC received a demand order for Goods & Service Tax, Interest, and Penalties from the Deputy Commissioner of State Tax, Mumbai.
The earlier order directed the insurance company to pay GST, interest and penalty notice for F.Y. 2019-20: GST – Rs. 2,94,43,47,220/-; Interest – Rs. 2,81,70,71,780/-; Penalty – Rs.29,44,73,582/-. The demand relates to wrongful availment and short reversal of ITC, and Interest on late payments.
