LIC Gets GST Demand Notice Of Rs 382 Crore From Gujarat Tax Authority

Life Insurance Corp. has received a demand notice of Rs 382 crore from the tax authorities of Gujarat.

The demand notice was sent to the insurance company for the collection of Goods and Services Tax, along with interest and penalties for FY18 and FY19, the exchange filing said on Friday.

The notice will not impact the finances or other operations of the company, it said.

On Jan. 3, LIC received a combined demand notice of Rs 667.5 crore from tax authorities in Tamil Nadu, Uttarakhand and Gujarat. Tamil Nadu's GST demand was for Rs 663.45 crore, while Uttarakhand's tax authority had asked for Rs 4.28 crore and Gujarat's tax authority had sent it a demand for Rs 39.39 lakh.

On Jan. 1, LIC received another GST demand notice worth Rs 806.3 crore from the Maharashtra tax authorities.

Shares of LIC closed 1.05% higher at Rs 844.40 apiece, as compared with a 0.25% rise on the benchmark BSE Sensex.