Life Insurance Corporation of India has informed the Exchange regarding 'receipt of demand order for Goods & Service Tax, Interest and penalty from GST authorities in Himachal Pradesh state'.
LICI · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.4 pts more than Nifty Midcap 150 and 0.1 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.
Minute windows have no benchmark: there is no intraday index history to compare against.
LIC has received a demand order from the Deputy Commissioner of State Taxes and Excise, Parwanoo, Himachal Pradesh, for FY 2019-20. The demand relates to non-reversal of Input Tax Credit (ITC) on exempted supplies. The total financial impact is GST of ₹17.91 lakh, interest of ₹27.22 lakh, and penalty of ₹17.91 lakh, totaling approximately ₹63 lakh. The order is appealable before the Commissioner (Appeals), Shimla. LIC has stated there is no material impact on its financials, operations, or other activities given its overall scale.
The demand amount of ~₹63 lakh is negligible for LIC given its massive asset base, and the company intends to appeal. Shareholders are unlikely to see any meaningful effect on the stock price or business operations.