NEW DELHI: Life Insurance coverage Company of India (LIC) acquired a demand discover of about Rs 605.58 crore for brief fee of Goods and Services Tax (GST) for the monetary 12 months 2019-20. The tax authorities despatched LIC the discover on Thursday.
The company has acquired a communication/demand order for curiosity and penalty for Maharashtra, LIC mentioned in a regulatory submitting, in line with information company PTI.
The order is appealable earlier than the Joint Commissioner of State tax (Appeals), Mumbai, it mentioned.
The matter pertains to improper availment and brief reversal of Enter Tax Credit score (ITC) and curiosity on late funds, it mentioned.
LIC acquired a GST discover of Rs 294 crore with curiosity of Rs 281 crore and a penalty of Rs 29 crore from the deputy commissioner of state tax, Mumbai.
There isn’t any materials influence on financials, operations or different actions of the insurance coverage behemoth, it added.
LIC has over 14.1 lakh brokers, which is among the many largest company power amongst insurance coverage corporations worldwide.
The company’s market share of first 12 months premium earnings rose to 64%, up from 61.4% year-over-year. Within the particular person enterprise section, LIC held a 39.3% market share, whereas it dominated the group enterprise with a 76.6% share.
Complete premium earnings for the quarter elevated by 15.7% to Rs 1,13,770 crore, in comparison with Rs 98,363 crore in the identical quarter final 12 months.
The person enterprise premium grew by 7.04% to Rs 67,192 crore, whereas the group enterprise premium rose by 30.9% to Rs 46,578 crore.
LIC’s property below administration elevated by 16.2% year-over-year, reaching Rs 54 lakh crore. Moreover, LIC’s solvency ratio improved to 2, up from 1.9 within the earlier 12 months. The general expense ratio decreased by 98 foundation factors to 11.9%, reflecting improved operational effectivity.
The company has acquired a communication/demand order for curiosity and penalty for Maharashtra, LIC mentioned in a regulatory submitting, in line with information company PTI.
The order is appealable earlier than the Joint Commissioner of State tax (Appeals), Mumbai, it mentioned.
The matter pertains to improper availment and brief reversal of Enter Tax Credit score (ITC) and curiosity on late funds, it mentioned.
LIC acquired a GST discover of Rs 294 crore with curiosity of Rs 281 crore and a penalty of Rs 29 crore from the deputy commissioner of state tax, Mumbai.
There isn’t any materials influence on financials, operations or different actions of the insurance coverage behemoth, it added.
LIC has over 14.1 lakh brokers, which is among the many largest company power amongst insurance coverage corporations worldwide.
The company’s market share of first 12 months premium earnings rose to 64%, up from 61.4% year-over-year. Within the particular person enterprise section, LIC held a 39.3% market share, whereas it dominated the group enterprise with a 76.6% share.
Complete premium earnings for the quarter elevated by 15.7% to Rs 1,13,770 crore, in comparison with Rs 98,363 crore in the identical quarter final 12 months.
The person enterprise premium grew by 7.04% to Rs 67,192 crore, whereas the group enterprise premium rose by 30.9% to Rs 46,578 crore.
LIC’s property below administration elevated by 16.2% year-over-year, reaching Rs 54 lakh crore. Moreover, LIC’s solvency ratio improved to 2, up from 1.9 within the earlier 12 months. The general expense ratio decreased by 98 foundation factors to 11.9%, reflecting improved operational effectivity.
