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LIC to problem Rs 290 cr GST invoice issued by Bihar tax authority Specific Instances

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The Life Insurance coverage Company of India (LIC) plans to lodge an attraction with the GST Appellate Tribunal over a Items and Companies Tax (GST) invoice exceeding Rs 290 crore, issued by the Bihar tax authority.

In an trade submitting on Friday, LIC disclosed that it had been charged a GST invoice that, inclusive of curiosity and penalties, amounted to greater than Rs 290 crore.

“That is to tell that the Company has obtained an order beneath Part-73(9) of the BGST and CGST Act 2017 from the Bihar- Extra Commissioner State Tax (Attraction), Central Division, Patna on September 21, 2023,” the trade submitting acknowledged.

Particulars of the violation included failure to reverse the Enter Tax Credit score (ITC) availed and utilised on non-GST leviable parts of premiums obtained from policyholders.

Moreover, it cited non-reversal of the ITC on brokers’ commissions for non-GST leviable parts of the premiums and exempted insurance policies, in accordance with the tax authority’s order hooked up to the trade submitting.

Breaking down the invoice, the tax demand stands at over Rs 166.75 crore, curiosity fees exceed Rs 107.05 crore, and penalties quantity to greater than Rs 16.67 crore, totalling Rs 290,49,22,609.

First Revealed: Sep 23 2023 | 10:09 PM IST

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