Highlights

  • LIC fined for paying taxes at 12% instead of 18% for some invoices
  • GST officers impose Rs 20,000 penalty

Latest news

Jalandhar police returns seized property worth Rs 13 crores to rightful owners

Jalandhar police returns seized property worth Rs 13 crores to rightful owners

Goa CM Sawant Celebrates Liberation Day, Honors Freedom Fighters and State’s Progress

Goa CM Sawant Celebrates Liberation Day, Honors Freedom Fighters and State’s Progress

NDA, INDIA bloc MPs hold protest marches in parliament premises over Ambedkar issue

NDA, INDIA bloc MPs hold protest marches in parliament premises over Ambedkar issue

New Zealand falls into recession with abrupt economic slowdown

New Zealand falls into recession with abrupt economic slowdown

Fadnavis and Shinde Pay Tribute at RSS Founders' Memorials in Nagpur, Meet Office-Bearers

Fadnavis and Shinde Pay Tribute at RSS Founders' Memorials in Nagpur, Meet Office-Bearers

Traffic to be affected at Kalindi Kunj junction due to Delhi-Mumbai Expressway construction

Traffic to be affected at Kalindi Kunj junction due to Delhi-Mumbai Expressway construction

Manipur: Security forces bust camps of two banned militant organisations

Manipur: Security forces bust camps of two banned militant organisations

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

LIC gets notice for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

GST Notice: The Life Insurance Corporation of India has received a Goods and Services Tax notice demanding close to Rs 37,000 for paying taxes at 12% instead of 18% for some invoices during the assessment year 2019-2020.

LIC Penalised

The state taxes officer in Srinagar imposed the penalty charging the company with a GST of Rs 10,462, penalty amounting to Rs 20,000 and interest of Rs 6,382, aggregating to Rs 36,844.

Also Read: LIC's market share drops to 58.50% year-on-year in September 2023

As per Business Standard, LIC had received Income Tax penalty notices of Rs 84 crore in October and Rs 290 crore in September. In October, the Insurer received notice for multiple assessment years. For assessment year 2012-13, it was penalised Rs 12.61 crore and it was Rs 33.82 crore for 2018-19. For 2019-2020, the penalty amounted to Rs 37.58 crore.

ADVERTISEMENT

Up Next

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

LIC gets GST notice of Rs 37,000 for paying taxes at lower rate

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

ADVERTISEMENT

editorji-whatsApp

More videos

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

 Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Five of top-10 most valued firms together add Rs 1.13 lakh Crore in market valuation

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

Airlines are price takers, they do not have influence on prices they pay: IATA Chief Economist

India’s import of Russian oil drops in November on shrinking discounts

India’s import of Russian oil drops in November on shrinking discounts

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Auto Expo to see highest-ever participation of vehicle manufacturers: SIAM

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.