LIC Gets GST Demand Notice Worth Rs 667.5 Crore From Three States

Life Insurance Corp. has received a demand notice of Rs 667.5 crore from tax authorities in Tamil Nadu, Uttarakhand and Gujarat.

The above-mentioned states sent the demand notice to the insurance company for collection of goods and services tax along with interest and penalties, according to the company's exchange filing on Wednesday.

While Tamil Nadu's GST demand is for Rs 663.45 crore, Uttarakhand's tax authority has asked for Rs 4.28 crore, according to the filing. Gujarat's tax authority has sent the public sector company a demand for Rs 39.39 lakh, it said.

The company will file an appeal against these demand orders with the designated authorities, the filing said.

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

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

Shares of LIC closed 0.11% higher at Rs 838.65 apiece, as compared with a 0.75% fall in the benchmark BSE Sensex.