Life Insurance Corporation of India (LIC), the country’s largest life insurance company, said on Tuesday that tax authorities put a demand notice of about Rs 101.95 crore on it for less payment of Goods and Services Tax (GST) for five financial years. Is. According to PTI news, Life Insurance Corporation of India said in a regulatory filing that the company has received communication/demand order for interest and fine for many states. It said that this order is eligible before the Commissioner (Appeal) of Thane.
Notice is related to 2017-18 and 2021-22
According to the news, it said that the demand notice is related to five financial years between 2017-18 and 2021-22. The financial impact of demand is to the extent of GST, interest and fine. It said that there is no physical impact on the financial, operation or other activities of the corporation.
Registration increased under insurance sakhi scheme
LIC’s insurance Sakhi scheme has been registered over 50,000 registrations within a month. Prime Minister Narendra Modi launched the scheme as an initiative towards India developed through women empowerment. LIC had said last month that after the completion of one month of the scheme, the total registration figure for insurance sakhi has reached 52,511. Out of these, appointment letters have been issued to 27,695 insurance women to sell policy and 14,583 Insurance Sakhis have started selling the policy.
Earlier last month, the Public Sector Life Insurance Corporation of India (LIC) reduced its stake in iron -producing NMDC Limited by two percent. After the deal, LIC’s stake in government iron ore mining company NMDC has come down to 5.6 percent, earlier 7.6 percent. LIC said in information to the stock market that it has sold more than 5.91 crore shares in NMDC, ie two percent stake in NMDC through a series of market sales in the period from September 2023 to December 2024.
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