NEW DELHI: Life Insurance Corporation (LIC) on Friday stated it could file an appeal against the tax notice of Rs 290 crore by the Goods and Services Tax (GST) authority of Patna.
The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a requirement of GST, curiosity and penalty on September 21, LIC stated in a regulatory submitting.
LIC would file an appeal earlier than the GST Appellate Tribunal against the stated order inside prescribed timelines, it stated.
The tax authority has alleged that amongst different violations, LIC didn’t reverse the Input Tax Credit (ITC) availed on the premium acquired by the company from coverage holders.
The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a requirement of GST, curiosity and penalty on September 21, LIC stated in a regulatory submitting.
LIC would file an appeal earlier than the GST Appellate Tribunal against the stated order inside prescribed timelines, it stated.
The tax authority has alleged that amongst different violations, LIC didn’t reverse the Input Tax Credit (ITC) availed on the premium acquired by the company from coverage holders.
