LIC Challenges Uttarakhand GST Demand

Life Insurance Corporation (LIC) has appealed against a tax demand by the Uttarakhand GST administration for Rs 20.18 lakh, including penalties and interest, related to the 2019-20 fiscal. The appeal seeks to challenge the order requiring payment of GST, along with associated interest and penalties.

Life Insurance Corporation (LIC) has officially filed an appeal challenging a tax demand of Rs 20.18 lakh by the Uttarakhand GST Commissioner. The tax demand includes penalties and interest, pertaining to the fiscal year 2019-20, according to LIC's statement on Tuesday.

The Uttarakhand tax administration issued the order on August 14, directing the public sector insurance giant to pay outstanding GST from the 2019-20 fiscal year.

LIC emphasized in its regulatory filing that the appeal covers GST of Rs 7,00,351, interest amounting to Rs 8,77,302, and a penalty totaling Rs 4,40,859. Meanwhile, LIC's shares have showed a modest rise, closing 0.32 percent higher at Rs 921.45 on the BSE.

(With inputs from agencies.)