Life Insurance Corporation on Wednesday said the GST Authority has imposed a fine of Rs 36,844 on LIC for lower payment of taxes.
The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state, LIC said in a regulatory filing.
As per the notice dated October 9, 2023, by the State Taxes Officer, Srinagar, LIC paid 12 per cent GST instead of 18 per cent on certain invoices.
The tax authority has raised a demand order cum penalty notice for 2019-20-- GST - Rs 10,462, penalty Rs 20,000 and interest Rs 6,382.
There is no material impact on financials, operations or other activities of the corporation, it said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
When Will Women In India Get Freedom From Fear?
LIC Housing Finance Limited To Close Registrations For Junior Assistants Rogue Tax Officer, 3 Lawyers, 500 Firms - Big GST Heist Uncovered In Delhi "Drama": Finance Minister Rubbishes Objections To Tax On Insurance Premium Parents Gave Names Of Interns, Doctors To CBI In Kolkata Horror: Sources Who Is Jasveen Sangha, "Ketamine Queen" Charged With Matthew Perry's Death How Extreme Weather Is Leading To Rise In Child Marriages In Pakistan Blinken Heading To Israel To Press Gaza Truce 'INDIA' Is with You Against "Injustice": Rahul Gandhi To Arvind Kejriwal "Strong Indications" Bangladesh Security Forces Used "Unnecessary" Force: UN Track Latest News Live on NDTV.com and get news updates from India and around the world.