In Telanagana, LIC received a GST Order totaling 183 crores in interest and penalty
The Life Insurance Corporation of India (LIC) received a GST order with interest and penalties totaling 183 crore for Telangana on Monday.
The GST order required the payment of excess input tax credit claimed through the reverse charge system as well as short payment through the reverse charge method.
This is to let you know that the Corporation has been served with a communication/demand order under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, pertaining to Telangana state's GST collection, along with interest and penalties.
The above-mentioned order is enforceable to the Appellate Joint Commissioner (ST), Hyderabad Rural Division, according to LIC's BSE filing.
According to LIC's stock exchange statement, the GST order had no meaningful impact on the insurer's financials, operations, or other activities.
On Monday, LIC shares fell 0.43% to 770.45 per share on the BSE. Earlier in the day, the country's largest insurance firm said that its board of directors had approved a preferential investment of Rs. 25 crore in LIC Mutual Fund Asset Management firm.
The LIC MF was established in 1989 and is the sixth largest AMC. As of November 2009, it managed assets of over 50,000 crore. The company's assets had been decreased to 19,000 crore by June 2023.
LIC was among the top gainers on the stock market last week. After its shares achieved a 52-week high on the market on Thursday, the insurance business briefly regained the 5-lakh-crore mark on the stock market.
While the majority of the focus has been on par plans, the agency team is capable of selling non-par insurance as well, according to PTI, a market analyst.
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According to analysts, the rapid market rise in LIC shares, which forced the company to recapture its 5 lakh crore capitalisation, was the result of the hype around their non-par product Jeevan Utsav.
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