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GST authority imposed penalty of Rs 36844 on LIC, accused of paying less tax
GST officials have imposed a fine of Rs 36844 on Life Insurance Corporation (LIC), the country's largest insurance company. LI said that GST officials have imposed this penalty for short payment of tax. The insurance company has received a notice from Jammu and Kashmir to recover interest and penalty. Earlier, the Income Tax Department had imposed a penalty on LIC.
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“GST authority imposed penalty of Rs 36844 on LIC, accused of paying less tax”
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11 Oct 2023
The GST authority has imposed a fine of Rs 36,844 on Life Insurance Corporation (LIC), the country's largest insurance company.
Today LIC said that GST Authority has imposed this penalty for short payment of taxes.
LIC said in a regulatory filing that the insurance company has received a communication/demand order for GST collection along with interest and penalty for Jammu and Kashmir.
According to the notice dated October 9, 2023, of the State Tax Officer, Srinagar, LIC paid 12 percent GST instead of 18 percent on some invoices.
