Life Insurance Corporation of India received a goods and service tax notice from the State government of Delhi on February 24 asking for a ₹57.27 crore monetary sum. Shares of the PSU insurer closed lower after Monday's stock market session.
Life Insurance Corporation of India received a goods and service tax notice from the State government of Delhi on February 24 asking for a ₹57.27 crore monetary sum. Shares of the PSU insurer closed lower after Monday's stock market session.
PSU-insurance giant Life Insurance Corporation of India Limited (LICI) received a ₹57.27 crore goods and service (GST) notice from the Delhi State Government, according to an exchange filing on Monday, February 24.
The Assistant Commissioner, Ward 206: Zone 11 of Delhi, has demanded the GST amount from the state-owned insurance giant.
"This is to inform that the Life Insurance Corporation of India has received communication/demand order for Goods & Service Tax, Interest and penalty for Delhi State. The order is appealable before the Commissioner (Appeals), Delhi," according to the BSE filing.
According to the official release, the demand notice comprises ₹31,04,35,201 (31.04 crore) of GST, ₹23,13,21,002 (23.13 crore) of Interest payments, and ₹3,10,43,519 (3.10 crore) in GST penalties.
"The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation," said the company in the exchange filing.
LIC Share Price
Life Insurance Corporation of India (LIC) shares closed 0.69 per cent lower at ₹775.90 after Monday's stock market session, compared to ₹781.30 at the previous market close. The company disclosed the GST notice announcement after stock market operating hours on February 24.