Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 663.45 crore on it for short payment of Goods and Services Tax (GST).
The corporation has received communication/demand order for interest and penalty from Office of the Commissioner of CGST & Central Excise, Chennai North Commissionerate on January 1, LIC said in a regulatory filing.
The demand pertains to wrong availment of Input Tax Credit (ITC) and non-payment on tax on turnover wrongly declared as non-GST supply in GSTR-1 for 2017-18, and 2018-19, it said.
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