{"id":123902,"date":"2024-08-29T16:19:04","date_gmt":"2024-08-29T16:19:04","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/29\/tax-authorities-send-rs-606-crore-gst-demand-notice-to-lic-times-of-india\/"},"modified":"2024-08-29T16:19:04","modified_gmt":"2024-08-29T16:19:04","slug":"tax-authorities-send-rs-606-crore-gst-demand-notice-to-lic-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/08\/29\/tax-authorities-send-rs-606-crore-gst-demand-notice-to-lic-times-of-india\/","title":{"rendered":"Tax authorities send Rs 606 crore GST demand notice to LIC &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"900\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-112902936,imgsize-28830.cms?fit=1600,900&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Tax authorities send Rs 606 crore GST demand notice to LIC &#8211; Times of India\" title=\"Tax authorities send Rs 606 crore GST demand notice to LIC &#8211; Times of India\" \/><\/div>\n<div>NEW DELHI: <!-- -->Life Insurance Corporation of India<!-- --> (LIC) received a <!-- -->demand notice<!-- --> of about Rs 605.58 crore for short payment of <a href=\"https:\/\/timesofindia.indiatimes.com\/topic\/gst-bill\" styleobj=\"[object Object]\" class=\"\" frmappuse=\"1\">Goods and Services Tax<\/a> (GST) for the <!-- -->financial year 2019-20<!-- -->. The <!-- -->tax authorities<!-- --> sent LIC the notice on Thursday. <br \/>The corporation has received a communication\/demand order for <!-- -->interest and penalty<!-- --> for Maharashtra, LIC said in a regulatory filing, according to news agency PTI.<br \/>The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said.<br \/>The matter pertains to wrong availment and short reversal of <!-- -->Input Tax Credit<!-- --> (ITC) and interest on <!-- -->late payments<!-- -->, it said.<br \/>LIC received a GST notice of Rs 294 crore with interest of Rs 281 crore and a penalty of Rs 29 crore from the deputy commissioner of state tax, Mumbai. <br \/>There is no material impact on financials, operations or other activities of the insurance behemoth, it added.<br \/>LIC has over 14.1 lakh agents, which is among the largest agency force among insurance companies worldwide.<br \/>The corporation&#8217;s market share of first year premium income rose to 64%, up from 61.4% year-over-year. In the individual business segment, LIC held a 39.3% market share, while it dominated the group business with a 76.6% share. <br \/>Total premium income for the quarter increased by 15.7% to Rs 1,13,770 crore, compared to Rs 98,363 crore in the same quarter last year. <br \/>The individual business premium grew by 7.04% to Rs 67,192 crore, while the group business premium rose by 30.9% to Rs 46,578 crore.<br \/>LIC\u2019s assets under management increased by 16.2% year-over-year, reaching Rs 54 lakh crore. Additionally, LIC\u2019s solvency ratio improved to 2, up from 1.9 in the previous year. The overall expense ratio decreased by 98 basis points to 11.9%, reflecting improved operational efficiency.<\/div>\n<p><script>\nvar _mfq = window._mfq || [];\n_mfq.push([\"setVariable\", \"toi_titan\", window.location.href]);\n!(function(f, b, e, v, n, t, s) {\n    function loadFBEvents(isFBCampaignActive) {\n      if (!isFBCampaignActive) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        if (f.fbq) return;\n        n = f.fbq = function() {\n          n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments);\n        };\n        if (!f._fbq) f._fbq = n;\n        n.push = n;\n        n.loaded = !0;\n        n.version = '2.0';\n        n.queue = [];\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/connect.facebook.net\/en_US\/fbevents.js', n, t, s);\n      fbq('init', '593671331875494');\n      fbq('track', 'PageView');\n    };\n    function loadGtagEvents(isGoogleCampaignActive) {\n      if (!isGoogleCampaignActive) {\n        return;\n      }\n      var id = document.getElementById('toi-plus-google-campaign');\n      if (id) {\n        return;\n      }\n      (function(f, b, e, v, n, t, s) {\n        t = b.createElement(e);\n        t.async = !0;\n        t.defer = !0;\n        t.src = v;\n        t.id = 'toi-plus-google-campaign';\n        s = b.getElementsByTagName(e)[0];\n        s.parentNode.insertBefore(t, s);\n      })(f, b, e, 'https:\/\/www.googletagmanager.com\/gtag\/js?id=AW-877820074', n, t, s);\n    };\n    function loadSurvicateJs(allowedSurvicateSections = []){\n      const section =  window.location.pathname.split('\/')[1]\n      const isHomePageAllowed = window.location.pathname === '\/' && allowedSurvicateSections.includes('homepage')\n      if(allowedSurvicateSections.includes(section) || isHomePageAllowed){\n        (function(w) {\n         function setAttributes() {\n                    var prime_user_status = window.isPrime ? 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The tax authorities sent LIC the notice on Thursday. The corporation has received a communication\/demand order for interest and penalty for Maharashtra, LIC said [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":123903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-112902936,imgsize-28830.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[15436,289,1955,189,24784,100535,20836,9859,273,29107,100534,100533,21699,21697,7044,839,301,25865,272],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/123902"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=123902"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/123902\/revisions"}],"predecessor-version":[{"id":123904,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/123902\/revisions\/123904"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/123903"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=123902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=123902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=123902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}