Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 178 crore on it for short payment of Goods and Services Tax (GST) for two financial years.
The company has received a communication/demand order for interest and penalty from the Additional Commissioner, Central GST & Central Excise Jamshedpur, LIC said in a regulatory filing.
The demand notice is for pre-mature availment of Input Tax Credit on reverse charge mechanism, it said.
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