LIC gets GST notice of Rs 806 crore; insurer says will file an appeal
.webp)
State-backed insurer Life Insurance Corporation of India (LIC) has received a goods and services tax (GST) notice of Rs 806.3 crore from the Deputy Commissioner of State Tax, Mumbai. In a regulatory filing, the company said that it would file an appeal against the order.
The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore.
According to the filing, the violations include non-reversal of input tax credit (ITC), reversal of ITC availed of from reinsurance, interest on delayed payment made with GSTR-3B, interest on advance received, and less reverse charge mechanism liability disclosed in GSTR-9/3B than shown by suppliers in GSTR-1.
"Corporation shall file an appeal before Commissioner (Appeals), Mumbai, against the said order within the prescribed timelines," LIC said, adding that the demand will not have any material impact on any of its financials, operations or other activities.
Earlier in October last year, LIC had received a GST demand order accruing to nearly Rs 37,000 for paying taxes at 12 per cent instead of 18 per cent for some invoices during the assessment year 2019-2020.
The state taxes officer in Srinagar had charged the company with a GST of Rs 10,462, a penalty amounting to Rs 20,000 and interest of Rs 6,382, aggregating to Rs 36,844.
LIC received income tax penalty notices of Rs 84 crore in October and Rs 290 crore in September. In September, the interest charged was more than Rs 107.05 crore, and the penalty cited above was Rs 16.67 crore, amounting to Rs 290.4 crore.
On Monday, January 1, LIC's shares closed 3.1 per cent in the green at Rs 858.35 apiece on BSE.
Other Latest News
.webp)
Chief Minister Nayab Singh Saini will be meeting the senior BJP leadership in Delhi on Wednesday, a day after the ruling party pulled off a hat-trick of wins in Haryana to retain power.
Saini is likely to consult with his senior leadership on finalising his cabinet, sources said.
.webp)
Boeing said on Tuesday that it had withdrawn its pay offer to around 33,000 US factory workers and no further negotiations were planned with their union representatives as a financially damaging strike nears its fourth week.
Boeing and the union held their latest round of negotiations with federal mediators on Monday and Tuesday, but talks collapsed and the sides were left locked in acrimonious stalemate showing no signs of being resolved anytime soon, a person briefed on the talks said.
.webp)
Torrent Power shares gained 8 per cent in trade on Wednesday, October 9, and registered an intraday high of Rs 1,976.6 per share. The stock advanced after Torrent Power secured a letter of award from Maharashtra State Electricity Distribution (MSEDCL). It also inked a share subscription and shareholders' agreement (SSSA) with Lakshmi Mills and Torrent Urja 17 Private Limited (TU17).
At around 9:22 AM, Torrent Power share price was up 6.85 per cent at Rs 1,941.7 per share. In comparison, the BSE Sensex traded 145.48 per cent higher at 81,780.29 around the same time.
.webp)
Hyundai Motor India's IPO will open next week for subscriptions and will likely be priced in the range of Rs 1,865 to 1,960 ($22 to $23) per share, sources said on Tuesday, valuing the automaker at up to $19 billion in the country's biggest stock offering this year.
The India IPO will be Hyundai's first stock market listing outside South Korea. In India, it will also mark the first carmaker to go public in two decades since Maruti Suzuki in 2003, and comes just after Indian stock markets touched record highs and saw many companies making debuts.
.webp)
In the Jammu and Kashmir Assembly elections, the Bharatiya Janata Party (BJP) secured the highest share of votes, although the Congress-National Conference (NC) alliance ultimately won the polls. This was the first election in J&K following the abrogation of Article 370. The Congress-NC alliance is now set to form the government, having secured a majority of seats in the Assembly.
Notably, Independent candidates won more seats than Mehbooba Mufti’s People’s Democratic Party (PDP).
.webp)
.webp)
.webp)
.webp)
.webp)
