Life Insurance Corp. of India on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit availed for the financial year 2020-21.
The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.
The financial impact of the demand is to the extent of the GST (Rs 31.04 crore), interest (Rs 23.13 crore) and penalty (Rs 3.10 crore), it said.
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There is no material impact on financials, operations or other activities of the corporation, it added.
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