Quick Summary
Life Insurance Corporation of India (LIC) has been served a Goods and Services Tax (GST) demand notice of Rs 3,529 crore by Mumbais tax authorities. This comes in addition to a series of notices received earlier this month, totaling significant amounts and spanning various states. In response to
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FAQ :
The GST demand notice from Mumbai tax authorities is for Rs 3,529 crore.
LIC has stated that this demand will not impact the company's finances or other operations.
LIC plans to file an appeal before the Commissioner of Income Tax to contest the claims.
Yes, LIC has received several other GST demand notices in early January from Gujarat, Tamil Nadu, Uttarakhand, and Maharashtra, totalling significant amounts.
The GST demand notice from Gujarat on January 5 was for Rs 382 crore, covering GST collections, interest, and penalties for fiscal years 2018-19.
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