LIC gets GST demand and orders worth ₹183 crore for Telangana | Mint
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Business News/ Companies / News/  LIC gets GST demand and orders worth 183 crore for Telangana

LIC gets GST demand and orders worth ₹183 crore for Telangana

LIC gets GST demand and orders worth ₹183 crore for Telangana. The company has denied any impact of the order on financials

LIC has received GST demand order worth ₹183 crorePremium
LIC has received GST demand order worth 183 crore

The Life Insurance Corporation of India (LIC) on Monday received a GST order with interest and penalty of 183 crore for Telangana. 

The GST order demanded excess input tax credit claimed under the reverse charge mechanism and short payment under the reverse charge mechanism.

Also Read: LIC reduces stake in HDFC Asset Management Company to 7% from 9.04%

“Under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that the Corporation has received a communication/ demand order for collection of GST along with interest and penalty for Telangana state. The said order is appealable before Appellate Joint Commissioner (ST), Hyderabad Rural Division," said LIC in its BSE filing.

The GST order to the insurer did not have any material impact on the financials, operations, or other activities of the company, clarified LIC in its stock exchange filing.

LIC shares closed 0.43% down at 770.45 per share on BSE on Monday. 

Earlier in the day, the country's largest insurance company had announced receiving approval from its board to inject 25 crore in LIC Mutual Fund Asset Management company on a preferential basis.

Also Read: LIC stock crosses 700 mark after 11 months; what lies ahead?

The LIC MF was launched in 1989 and was ranked the sixth biggest AMC. It manages assets of around 50,000 crore as of November 2009. By June 2023, the company's assets were reduced to 19,000 crore.

Last week, LIC was among the top gainers in the stock market. The insurance company managed to regain the 5-lakh-crore mark in the stock market for a short time after its shares hit a 52-week high on the bourse on Thursday.

The sudden market rally on LIC shares, forcing the firm to reclaim its 5 lakh crore capitalisation, was the result of hype around its non-par product Jeevan Utsav, according to analysts.

“We believe that LIC has a strong marketing agency force, while most focus has been on par policies, the agency team is capable of selling non-par policies as well," PTI quoted a market analyst.

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Published: 11 Dec 2023, 04:58 PM IST
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