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The company received demand order and penalty notice for FY 2017-18 from Deputy Commissioner of State Tax, Mumbai, Maharashtra alleging good services and tax (GST) of Rs 365.02 crore, Penalty of Rs 404.77 crore and interest of Rs 36.50 crore.
The notice relates to violation of non-reversal of input tax credit u/r 42 & 43 of CGST rules 2017, reversal of ITC availed from reinsurance, interest on delayed payment made with GSTR-3B, interest on advance (proposal deposit) received, less RCM liability disclosed in GSTR-9/3B than shown by suppliers in GSTR-1.
Meanwhile, the company said that it has increased its stake in Asian Paints to 4,79,62,808 equity shares from 4,79,14,156 shares earlier, increasing its shareholding to 5% from 4.995% earlier.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
The state-run life insurer’s standalone net profit tumbled 50.32% to Rs 7,925.02 crore in Q2 FY24 as against Rs 15,952.49 crore recorded in Q2 FY23. Total premium income stood at Rs 1,07,396.77 crore in Q2 FY24, down 18.7% from Rs 1,32,104.14 crore posted in Q2 FY23.
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