LIC, India's largest insurer, has said that tax authorities have slapped a demand notice of about Rs 65 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. Besides, there is a penalty of Rs 6.5 crore and interest as applicable.
Life Insurance Corporation of India (LIC) has received a communication/ demand order for Goods & Service Tax, Interest and penalty for Jharkhand on October 30, LIC said in a regulatory filing. There is no material impact on financials, operations or other activities of the corporation, it added.
Currently, LIC has a market cap of Rs 5.91 lakh crore, as of October 30. The government-backed on Monday reported an 11 per cent increase in September quarter net profit to Rs 1,324 crore on a consolidated basis. LIC had posted a net profit of Rs 1,192 crore in the year-ago period.
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The company's core net interest income declined 6 per cent when compared to the year-ago period despite a 6 per cent rise in assets under management, but weighed down by a sharp reduction in net interest margin (NIM) to 2.71 per cent from the 3.04 per cent in the year-ago period.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
