LIC received the GST notice of Rs806.3 crore from the Deputy Commissioner of State Tax, Mumbai.
LIC will file an appeal before the Commissioner (Appeals), Mumbai, against the said order within the prescribed timeline.
The total includes GST worth Rs365.02 crore, penalty of Rs404.7 crore and interest of Rs36.5 crore.
The demand order is on account of non-reversal of Input Tax Credit u/r 42 & 43 of CGST Rules, 2017; reversal of ITC availed from reinsurance; interest on delayed payment made with GSTR-3B; interest on advance (proposal deposit) received; and less RCM liability disclosed in GSTR-9/3B than shown by suppliers in GSTR-1.
LIC said there is no material impact on financials, operations or other activities of the Corporation.
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