LIC Receives GST Demand Order from Karnataka; Rs 1.03 Crore Penalty Imposed - A2Z Taxcorp LLP

Life Insurance Corporation of India (LIC), the state-run insurance firm, has received a Goods & Services Tax (GST) demand order from the Karnataka government. The order, issued by the Deputy Commissioner, Large Taxpayers Unit (LTU), Bengaluru, pertains to the financial year 2021-22 and includes GST, interest, and a penalty. The penalty for the alleged violation of excess Input Tax Credit (ITC)…