The GST Authority has imposed a fine of Rs 36,844 on Life Insurance Corporation of India (LIC) for lower payment of taxes. The tax authority has raised a demand order cum penalty notice for 2019-20 -- GST of Rs 10,462, penalty of Rs 20,000 and interest of Rs 6,382.
The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state. 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.
Life Insurance Corporation of India, popularly known as LIC is Indian state-owned insurance group and Investment Company.
