The Life Insurance Corporation of India (LIC) revealed on Monday that tax authorities have issued a demand notice of approximately Rs 806 crore, alleging a shortfall in GST payment for the fiscal year 2017-18.
In a regulatory filing, LIC stated that it received a communication/demand order on Monday, requiring the collection of GST, along with interest and penalty, for the state of Maharashtra.
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The insurer affirmed its intention to file an appeal before the Commissioner (Appeals), Mumbai, following the prescribed timelines in response to the order.
LIC emphasized that the demand notice has no significant impact on its financials, operations, or other activities.