Lic Slapped With Rs 36 844 Gst Penalty

Top Stories

Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

Stock chart

LIC Slapped with Rs 36,844 GST Penalty

ri-calendar-2-lineOct 12, 2023

By: BlinkX Research Team

FbkFbkTwitterTelegram

The GST Authority has levied a penalty of Rs 36,844 on the Life Insurance Corporation (LIC) for a tax underpayment. The corporation received a communication, including a demand order for GST, along with interest and penalty for the state of Jammu & Kashmir. 

 

According to the notice from the State Taxes Officer in Srinagar dated October 9, 2023, LIC remitted 12% GST instead of the stipulated 18% on specific invoices. Consequently, the tax authority issued a demand order coupled with a penalty notice for the fiscal year 2019-20, totaling GST of Rs 10,462, penalty of Rs 20,000, and interest of Rs 6,382. 

 

However, LIC assured that this incident will not have a significant impact on the company's financials, operations, or other activities. This occurrence underscores the importance of accurate tax compliance for corporations, highlighting the need for diligent accounting and adherence to tax regulations to avoid penalties and ensure smooth business operations.

Related News

News Thumbnail
Company

L&T Partners with PS Technology to Revolutionise Railways

6 mins read. August 2, 2024 at 12:45 PM

News Thumbnail
Company

Jindal Saw Q1 FY24 PAT Rises 67% to Rs 441 Cr

4 mins read. August 2, 2024 at 12:41 PM

News Thumbnail
Company

Pfizer Q1 FY25 PAT Zooms 61% to Rs 151 Cr

4 mins read. August 2, 2024 at 12:36 PM

News Thumbnail
Company

NBCC Arm Gets Two Construction Projects Worth Rs 443.61 Cr

4 mins read. August 2, 2024 at 12:33 PM

Related Blogs

Stock chartDemat Account

Biggest Winners and Losers in MSCI: Key Movers in Global Indices 2025

0 people read

3 mins read . Aug 20, 2025

Stock chartMutual Fund

What MF Big Boys Bought and Sold – Top Mutual Fund Stock Activity in 2025

0 people read

8 mins read . Aug 18, 2025

Download app

Access BlinkX
everywhere
across device

Join the Future of Trading

with BlinkX

#ItsATraderThing

Open Trading Account
Verify your phone
+91
*By signing up you agree to our terms & conditions