LIC receives Rs. 3.59 crore GST demand order for FY19 in West Bengal
The Life Insurance Corporation of India (LIC) on Friday (June 28) said it received a demand order of Rs. 3.59 crore for Goods & Services Tax (GST), along with interest and penalties, from the Superintendent of RANGE-III, Large Taxpayer Unit, Corporate Unit, West Bengal.
"...this is to inform that the Life Insurance Corporation of India (the Corporation) has received a communication/ demand order for Goods & Service Tax, Interest and penalty for West Bengal State. The order is appealable before the Commissioner (Appeals), West Bengal," according to a stock exchange filing.
The specifics of the demand include GST amounting to Rs. 3,59,29,763, a penalty of Rs. 35,92,976, and applicable interest. The notice pertains to the financial year 2018-19 and alleges an excess claim of Input Tax Credit (ITC).
