Life Insurance Corporation of India has received communication/demand order for Goods & Service Tax, Interest and penalty for Punjab State. The order is appealable before the Commissioner (Appeals), Punjab. Name of the authority(s): Excise and Taxation officer cum State Tax Officer, Ludhiana, Punjab.
Nature and details of the action(s): Demand of GST, interest and penalty notice for F.Y. 2020-21: GST INR 76,518; Interest INR 180,208 and Penalty - INR 20,000. Date of receipt of communication from the authority: December 04, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed: ITC on the inward supplies showing wrong place of supply.
Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible. The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation.
Life Insurance Corporation of India is an India-based insurance company. The Company is engaged in the business of life insurance in and outside India. It offers a range of individual and group insurance solutions including participating, non-participating and unit linked lines of businesses. The portfolio comprises various insurance and investment products such as protection, pension, savings, investment, annuity, health, and variable. Its segments include Participating Life Individual, Participating Pension Individual, Participating Annuity Individual, Non-Participating Life (Individual & Group), Non-Participating Pension (Individual & Group), Non-Participating Annuity Individual, Non-Participating Variable individual, Non-Participating Health individual, Non-Participating Unit Linked and Capital Redemption, and Annuity Certain Business (CRAC). Its Pension plans include New Pension Plus, Jeevan Akshay-VII, New Jeevan Shanti, Saral Pension, and Smart Pension.
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