LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

GST Notice: The Life Insurance Corporation of India has received a Goods and Services Tax notice demanding close to Rs 37,000 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.

LIC Penalised

The state taxes officer in Srinagar imposed the penalty charging the company with a GST of Rs 10,462, penalty amounting to Rs 20,000 and interest of Rs 6,382, aggregating to Rs 36,844.

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As per Business Standard, LIC had received Income Tax penalty notices of Rs 84 crore in October and Rs 290 crore in September. In October, the Insurer received notice for multiple assessment years. For assessment year 2012-13, it was penalised Rs 12.61 crore and it was Rs 33.82 crore for 2018-19. For 2019-2020, the penalty amounted to Rs 37.58 crore.