LIC receives ₹806 crore notice from Maharashtra, faces ₹400 cr penalty if…
11 months, 3 weeks ago

LIC receives ₹806 crore notice from Maharashtra, faces ₹400 cr penalty if…

Hindustan Times  

Life Insurance Corporation of India has received a hefty GST notice from the Maharashtra deputy commissioner of state tax, imposing a penalty of ₹404 crore on the firm for various shortcomings in tax-related compliances in FY2017-2018. Life Insurance Corporation of India receives GST notice worth ₹ 806 crore. The Maharashtra tax department sent LIC a GST notice of ₹806.4 crore, demanding ₹365.02 crore of GST dues, ₹404.7 crore of penalty, and an interest payment of ₹36.5 crore. Further, the government of Telangana also sent a GST notice worth ₹183 crore to LIC on December 11, 2023, including interest and penalty.

India Tax Maharashtra State Notice Crore Gst Lic Cr Penalty Receives 806 Faces 400  notice  maharashtra  lic  crore  tax  multiple  insurance  gst  cr  penalty  faces  400  state  receives  806

History of this topic

GST Council postpones decision to cut tax on insurance, rate panel defers report submission
Top News
3 days, 9 hours ago

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

The Hindu  

A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of rate rejig in 148 items was not tabled before the Council. “We will submit the GoM report on rate rationalisation in next meeting of Council,” said Mr. Chaudhary who is the convenor of the panel. The …

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more
3 weeks, 2 days ago

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more

Live Mint  

From increase in GST collection to Andhra govt dissolving Waqf board to killing of 7 Maoists to Donald Trump picking loyalist Kash Patel as his new FBI director, here are today's top stories. GST collection for November rises by 8.5% to ₹ 1.82 lakh crore The goods and service tax collection for the month of November rose 8.5 per cent …

GST Council to meet in Jaisalmer on Dec 21; may decide on insurance levy, rate rationalisation
1 month ago

GST Council to meet in Jaisalmer on Dec 21; may decide on insurance levy, rate rationalisation

Deccan Chronicle  

New Delhi: The GST Council will meet on December 21 in Jaisalmer, in which the much-awaited decision on exemption or lower GST rate on health and life insurance is likely to be taken. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, may also take up some rate rationalisation exercise and reduce tax rates on …

LIC looks to buy stake in standalone health insurer by March; Q2 profit falls nearly 4%
1 month, 2 weeks ago

LIC looks to buy stake in standalone health insurer by March; Q2 profit falls nearly 4%

Live Mint  

Mumbai: Life Insurance Corporation of India is identifying and evaluating standalone health insurers to acquire stake in one of these by March 2025, according to MD and CEO Siddhartha Mohanty. We’ll have stake in some standalone health insurer, at least within this financial year,” Mohanty said during the insurer’s earnings call, adding that the process is taking some time due …

Group of Ministers to review tax rates on health, life insurance
3 months, 1 week ago

Group of Ministers to review tax rates on health, life insurance

The Hindu  

The GST Council constituted a 13-member Group of Ministers on Sunday to suggest GST rates on premiums of various health and life insurance products. It will also suggest tax rates on life insurance, including term insurance, and life insurance with investment plans, whether individual or group, and re-insurance. Some opposition-ruled states, including West Bengal, had demanded complete exemption for health …

GST Council to deliberate on taxation of insurance premium, report on online gaming
3 months, 2 weeks ago

GST Council to deliberate on taxation of insurance premium, report on online gaming

New Indian Express  

NEW DELHI: The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and …

GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24
4 months, 2 weeks ago

GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24

The Hindu  

Goods and Services Tax collections on health insurance premium payments by consumers have risen by more than 54% between 2021-22 and 2023-24, yielding ₹8,262 crore last year, with health reinsurance levies delivering nearly another ₹1,500 crore, according to data shared by the Finance Ministry in Lok Sabha on August 5. Over the last three financial years, GST levies on health …

LIC receives ₹21,740 crore tax refund; remaining ₹3,700 crore awaited
10 months, 1 week ago

LIC receives ₹21,740 crore tax refund; remaining ₹3,700 crore awaited

Live Mint  

Life Insurance of India of India announced that it received refund orders for ₹21,740.77 crore from the Income Tax Department. According to a Mint study based on regulatory filings, the state-run insurer sold part of its investments in at least 100 top listed companies, which, based on volume-weighted average price for the October-December period, adds up to ₹39,163 crore—the highest …

Over 70 GST notices issued to online gaming firms, ₹1.1 tn due
1 year ago

Over 70 GST notices issued to online gaming firms, ₹1.1 tn due

Live Mint  

New Delhi: Online gaming companies have been issued 71 show cause notices relating to Goods and Services Tax in FY23 and in the current financial year up to October, minister of state for finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday. However, since these notices are pending adjudication, the respective GST demand is not yet determined under the provisions …

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues
1 year, 1 month ago

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues

Live Mint  

The Indian government is expected to recover ₹50,000 crore in evaded Goods and Services Tax in FY24, Business Standard reported. A substantial portion of this recovery is expected to come from incorrect claims of input tax credit by insurance companies, GST payments on expatriate services under the reverse charge mechanism, illicit clearances of tobacco products, and property transactions, the report …

Delta Corp gets another GST shortfall notice of ₹6,384 crore
1 year, 2 months ago

Delta Corp gets another GST shortfall notice of ₹6,384 crore

Live Mint  

Delta Corp has received fresh notices of alleged shortfall in the payment of Goods and Services Tax to the tune of ₹6,384 crore, as per a regulatory filing made by the casino chain operator on October 14. This comes nearly three weeks after Delta Corp had received tax shortfall notices amounting to ₹16,822 crore. “The notice advises Deltatech Gaming Ltd …

Centre to pay Rs 689 crore GST dues to AP
1 year, 10 months ago

Centre to pay Rs 689 crore GST dues to AP

Deccan Chronicle  

Vijayawada: Andhra Pradesh finance minister Buggana Rajendranath said the central government has decided to pay GST arrears that were pending to the state till June. He said the Council has agreed to revise the penalties levied for late filing of returns by companies with a business volume of Rs 20 crore as suggested by the state. Rajendranath has attended the …

₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha
4 years, 3 months ago

₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha

Live Law  

The GST compensation due to states stands at over ₹1.51 lakh crore, said the Union Ministry of Finance on Monday in the Lok Sabha.The Ministry said that the nominal GDP for Q1, 2020-21 shows a contraction of 22.6% which is one of the major reasons for the revenue shortfall in GST. The GST compensation due to states stands at over …

GST compensation due to States is ₹1.51 lakh cr.
4 years, 3 months ago

GST compensation due to States is ₹1.51 lakh cr.

The Hindu  

The GST collection during April-August declined on account of the COVID-19 induced lockdown, and the compensation due to States stands at over ₹1.51 lakh crore, Minister of State for Finance Anurag Singh Thakur said on Monday. The provisional GST compensation due to States and Union Territories for 2020-21 was highest for Maharashtra at ₹22,485 crore, followed by Karnataka, Uttar Pradesh, …

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