In recent news, it was reported that LIC is getting a GST notice for paying taxes at a lower rate. Explore further to know more details. You must read the article to get more details and information about the same. Follow us for all the latest ideas and updates.
LIC receives GST notice for paying tax at lower rate
Currently, LIC has been asked to pay a GST of 10,462, a penalty of 20,000 and interest of 6,382, as stated in a regulatory filing. On October 11, 2022, the Life Insurance Corporation of India reportedly informed the stock exchanges that it had been issued a Goods and Services Tax payment notice along with penalty and interest amounting to almost 37,000. However, the notice was issued by the State Revenue Officer starting from the financial year 2019-20. The State manages an insurer that has been asked to contribute an additional amount because it had paid taxes on certain invoices at the rate of 12 percent instead of 18 percent. According to the notice, the LIC would now pay a GST of 10,462, a penalty of 20,000 and interest of 6,382, which adds up to 36,844. Meanwhile, LIC will add the notice without any material impact on its monetary terms, operations and other activities.
However, a development has occurred which comes days after LIC received notices from the Income Tax department for a fine of Rs 84 million. However, the notice for FY13, FY19, and FY20 was issued on September 29, 2023, and the company noticed it on October 3. On October 11, 2023, stock market shares were trading according to the green signal. Furthermore, at 2:54 p.m., the note was valued at 638.90 per piece on the BSE, 0.5 percent higher than the previous day’s close. It was reported that last month in September, the LIC received another GST notice of Rs 290 crore from Bihar tax affairs. However, this included a tax demand of Rs 166.75 million, with interest of Rs 107.5 million and a fine of Rs 16.67 million. Furthermore, the insurer had informed the exchanges that it will file an appeal before the GST Appellate Tribunal and against the said order within the indicated time limits.
Reportedly, LIC’s weak performance also continued in the month of September. According to data generated by the Life Insurance Council, LIC reported a 27% decline in premiums from startups even as private insurers reported steady growth and shares. Thank you for being a patient reader. As you know, actions are always appreciated.
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Source: vtt.edu.vn