Life Insurance coverage Company of India (LIC) is planning to file an enchantment with the Items and Providers Tax (GST) Appellate Tribunal over a GST invoice exceeding Rs 290 crore, issued by the Bihar tax authority.
In an trade submitting on Friday, LIC revealed that it has been slapped with a GST invoice, together with curiosity and penalties, amounting to over Rs 290 crore.
“That is to tell that the corporate has acquired an order underneath Part 73(9) of the BGST and CGST Act, 2017 from the State of Bihar – Further Commissioner of State Tax (Appeals), Central Division, Patna on September 21, 2023,” the disbursement submitting acknowledged.
Particulars of the breach included failure to reverse the Enter Tax Credit score (ITC) availed and utilized to the non-GST parts of premiums acquired from policyholders.
Furthermore, it famous that the ITC’s ruling on agent commissions for non-GST parts of annuities and exempt insurance policies has not been reversed, based on the IRS order connected to the trade submitting.
Breaking down the invoice, the tax demand is over Rs 166.75 lakh crore, curiosity prices are over Rs 107.05 lakh crore, and penalties are over Rs 16.67 lakh crore, totaling Rs 290,49,22,609.
First revealed: September 23, 2023 | 10:09 pm he
(Tags for translation)Life Insurance coverage Firm of India