LIC disclosed receiving a demand notice of approximately Rs 663.45 crore from tax authorities for GST shortfall. The notice cites wrong Input Tax Credit (ITC) claims and incorrect tax declaration in GSTR-1 for 2017-18 and 2018-19. LIC plans to appeal against the order within specified timelines. Another demand order for around Rs 116 crore was received for Telangana, following an earlier notice for about Rs 806 crore, including interest and penalties for Maharashtra, both concerning GST underpayment in 2017-18.
