GST authority imposed a penalty of Rs 36,844 on LIC

New Delhi: The GST authority has imposed a penalty of Rs 36,844 on the Life Insurance Corporation of India (LIC) for lower payment of taxes.

LIC is accused of paying 12% GST instead of 18% on some invoices. The Income Tax Authority has issued a penalty notice for the year 2019-20. The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state, LIC said in a regulatory filing. The tax authority has raised a demand order cum penalty notice and here, GST – Rs 10,462, penalty-Rs 20,000 and interest-Rs 6,382.

However, LIC has clarified that this will not affect the management and other functions of the corporation. There is no material impact on financials, operations or other activities of the corporation.

Leave a Reply

Your email address will not be published. Required fields are marked *