Life Insurance: Insurance is provided to people through Life Insurance Corporation of India (LIC). Life and health insurance is provided through LIC. At the same time, LIC is also a big company of the country which has been running in India for many years.
At the same time, people also get different types of benefits from the schemes given through LIC. However, now LIC has suffered a shock. A fine has been imposed on LIC and this fine has been imposed on LIC by GST. Let us know about it…
Fine imposed on LIC
The Goods and Services Tax (GST) authority has imposed a penalty on Life Insurance Corporation of India (LIC) for underpayment of tax. This is a fine of Rs 36844 which has been imposed on LIC. The insurance company gave this information on Wednesday. LIC told the stock exchange that it has received a communication/demand order for collection of GST along with interest and penalty for Jammu and Kashmir.
LIC
According to the notice dated October 9, 2023 from the State Tax Officer, Srinagar, LIC paid 12 percent GST instead of 18 percent on some bills (invoices). The tax authority has issued demand order and penalty notice for 2019-20. In this, GST is Rs 10,462, penalty is Rs 20,000 and interest is Rs 6,382. LIC said that this has not affected the financial, operational or other activities of the corporation.
Share Market
Let us tell you that LIC is a listed company in the stock market. The 52 week high of LIC shares on NSE is Rs 754.25. Whereas the 52 week low price of LIC shares is Rs 530.05. Along with this, on October 11, the share price of LIC was seen trading at around Rs 636.
