LIC gets GST demand order of about 99 crore from Jharkhand tax authority

Regulatory & Legal View source PDF Explain this filing

LICI · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+0.2%Reaction day

₹423.60

prior close

₹423.10

announcement price

After-mkt

timing

Nifty Midcap 150market+0.5%-0.3% vs market

Life Insurance peers, median of 5sector+0.8%-0.7% vs sector

On the reaction day the stock moved 0.3 pts less than Nifty Midcap 150 and 0.7 pts less than its Life Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

-0.4

10m

-0.3

15m

-0.6

30m

-0.5

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.2+0.5-0.3+0.8-0.7

Next day

+0.2+1.7-1.5+2.1-2.0

-7.6+1.4-9.0+0.5-8.1

-7.2+1.6-8.8+0.7-7.9

-8.5+1.2-9.7-0.3-8.2

-7.3+1.4-8.7-0.4-6.9

-4.4+1.9-6.2-1.6-2.7

15d

-0.3+1.6-2.0+1.8-2.1

-1.3+2.2-3.5+1.1-2.4

-6.7-5.1-1.7-9.1+2.4

—————

UpDownMarket · Nifty Midcap 150Sector · Life Insurance peers, median of 5Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

LIC received a GST demand order from the Additional Commissioner Central GST and Central Excise, Jamshedpur for FY 2022-23. The demand includes GST of about 99.10 crore, penalty of about 9.91 crore plus applicable interest. The allegation is pre-mature availment of input tax credit on reverse charge mechanism. LIC says the order is appealable before the Commissioner (Appeals), Jamshedpur and that there is no material impact on financials, operations or other activities.

Likely market impact

Tax demand is under appeal; LIC says no material financial impact. Watch the appeal outcome and any further demands.