The Life Insurance Corporation of India ( LIC ) has filed an appeal before the GST Appellate Authority in Tamil Nadu against a Goods and Services Tax ( GST ) order issued by the Joint Commissioner in Chennai.
The order pertains to the financial year 2019-20 and demands payment related to excess Input Tax Credit (ITC) availed and a short reversal of ITC.
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In its filing, LIC clarified that the financial impact of the demand is confined to the GST, interest, and penalty charges, stating that the order will not have a material impact on the corporation’s overall financials, operations, or other activities.
The order, which was issued on November 27, 2024, follows an investigation into LIC’s handling of Input Tax Credit during the specified period. The corporation maintains that the demand, while significant, will not disrupt its regular functioning.
LIC assured its stakeholders that it is actively pursuing the matter, marked by the recent filing of appeal.
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