LIC was requested by three tax agencies to retrieve Rs 668 crore

 LIC was requested by three tax agencies to retrieve Rs 668 crore

LIC was requested by three tax agencies to retrieve Rs 668 crore

The massive insurance company said that the aforementioned directives had no appreciable effect on the company's operations, finances, or other business operations.

On January 3, Life Insurance Corporation of India (LIC) said that it had received three orders to pay Rs 668 crore in total from tax authorities. The massive life insurance company plans to challenge each of the three rulings.

"You are informed which the Corporation has received orders via the GST authorities to recover GST, interest as well as penalty for the states of Tamil Nadu, Uttarakhand and Gujarat," LIC indicated in its exchange filing. appeal), Chennai, Commissioner (Appeals), Dehradun, as well as Commissioner (Appeals), Ahmedabad, in response to the aforementioned directives within the allotted schedule.

The massive insurance company said that the aforementioned directives had no appreciable effect on the company's operations, finances, or other business operations.

The first order, requiring LIC to pay Rs 663 crore, was issued by Tamil Nadu's tax office. The tax authorities claimed that a number of infractions had occurred, such as obtaining incorrect input tax credit (ITC) on supplies, obstructing credit, failing to reimburse regular ITC due to exempted supplies, obtaining incorrect ITC without legitimate duty payment documentation, and failing to pay tax on turnover that was mistakenly reported in GSTR-1 as non-GST supplies. The request relates to FY18–19.

In a similar vein, the Gujarat-based body demanded that LIC pay Rs 39 lakh, while the Uttarakhand authority ordered it to pay Rs 4.28 crore. The requests relate to the 2018 fiscal year.

Prior to this, LIC's shares ended at Rs 838.65, up 0.11 percent.