Life Insurance Corporation of India (LIC) has been sent a Goods and Services Tax demand of over Rs 290 crore, including interest and penalty, by Bihar state tax officials.
In an exchange filing on Friday, LIC said that it will file an appeal before the GST Appellate Tribunal against the tax order.
The tax demand is for over Rs 166.75 crore, the interest on this has been cited at Rs 107.05 crore and the penalty has been shown as Rs 16.67 crore.
The exchange filing stated that LIC received an order to pay up the amount under Section-73(9) of the BGST and CGST Act 2017 from the Bihar Additional Commissioner State Tax (Appeal), Central Division, Patna on September 21.
“In the said order, the authority has demanded GST along with interest and penalty. Corporation shall file an appeal before the GST Appellate Tribunal and against the said order within prescribed timelines,” LIC said in its filing.