Insurance behemoth Life Insurance Corporation of India (LIC) has received two income tax demand orders aggregating ₹3,528.75 crore.
These two demand orders have been issued by the Assistant Commissioner of Income Tax, Mumbai and the Corporation will file an appeal before the Commissioner (Appeals), Mumbai, against the said orders within prescribed timelines, LIC said in a stock exchange filing.
There is no material impact on financials, operations, or other activities of the Corporation due to these orders, it added.
Shares of LIC fell one percent in early trade on January 12 following this exchange filing and were trading lower at ₹833 around 10 am on Friday morning.
While IT demand order of ₹2,133.67 crore related to AY 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19, and 2019-20, the other demand order for ₹1,395.08 crore related to AY 2015-16, the LIC’s exchange filing showed.
GST demand notices
LIC has this fortnight been served with a slew of GST demand notices from GST authorities in Maharashtra, Gujarat, Tamil Nadu, and Uttarakhand.
The Gujarat GST Authority had recently issued a GST-related demand order for ₹382 crore.
The demand notice covers GST dues of ₹191 crore and a penalty of ₹191 crore, besides applicable interest. The demand, penalty, and interest have been levied for FY 2017-18 & 2018-19.
On January 3, LIC received a combined demand order of ₹667.5 crore from tax authorities in Tamil Nadu, Uttarakhand, and Gujarat. Tamil Nadu’s GST demand was for ₹ 663.45 crore, Uttarakhand’s tax authority had asked for ₹4.28 crore and Gujarat’s tax authority had put a tax demand of ₹39.39 lakh.
LIC had on January 1 received another GST demand order to the tune of ₹806.3 crore from tax authorities in Maharashtra.