LIC receives Rs 57.27 Cr GST discover for availing extra ITC, CFO Information, ETCFO
Life Insurance coverage Company of India (LIC) on Monday mentioned that it has obtained a requirement discover from the GST authorities for allegedly availing extra Enter Tax Credit score (ITC) for the monetary 12 months 2020-21.
The discover, issued by the Assistant Commissioner of GST, Ward 206, Zone 11, Delhi, calls for a complete cost of Rs 57,27,99,722, which incorporates Rs 31.04 crore in GST, Rs 23.13 crore in curiosity, and Rs 3.10 crore in penalties.
State owned Insurance coverage large disclosed this growth in a regulatory submitting to the exchanges. The insurer clarified that the demand is appealable earlier than the Commissioner (Appeals), Delhi, and acknowledged that whereas the monetary impression is proscribed to the desired quantity, there will probably be no materials impact on its general operations.
The company has not indicated its subsequent plan of action however is predicted to problem the discover.
Enter Tax Credit score permits companies to offset their tax legal responsibility by claiming credit score for taxes paid on inputs.
