Shares of Life Insurance coverage Company of India slumped 2% on 28 February after the corporate acquired a Rs 480 crore GST demand order for Maharashtra State.
In its regulatory submitting, the corporate stated, “That is to tell you that the Life Insurance coverage Company of India has acquired a communication/ demand order for Items & Service Tax, Curiosity and penalty for Maharashtra State.”
The corporate introduced receiving a requirement order value Rs 479.88 crore for GST, curiosity and penalty for fiscal 12 months 2020-21. The GST order is for Rs 242.23 crore, whereas the curiosity is Rs 213.43 crore, and the penalty is Rs 24.22 crore.
Regardless of the discover, LIC said that the order might be challenged earlier than the Joint Commissioner of State Tax (Appeals), Mumbai.
The submitting added, “The monetary impression of the demand is to the extent of the GST, Curiosity and Penalty. There is no such thing as a materials impression on financials, operations or different actions of the Company.”
As India’s largest public sector insurance coverage supplier, LIC is absolutely owned by the Authorities of India. Established in 1956, the corporate was fashioned by means of the merger of 154 life insurance coverage companies, 16 international insurers, and 75 provident corporations.
Headquartered in Mumbai, LIC presents a variety of insurance coverage merchandise, together with:
- Endowment, money-back, time period assurance, pension, unit-linked, group, youngster, and medical health insurance insurance policies
- Coverage loans for purchasers
Moreover, LIC operates a 24/7 buyer help centre, offering help in English, Hindi, and eight regional languages.
At 1:14 pm, the shares of LIC had been buying and selling 0.81% decrease at Rs 735.10 on NSE.
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