LIC gets demand order for GST collection worth Rs 183 cr from Telangana Life Insurance Corporation of India (LIC) received a demand order for goods and services tax (GST) collection worth Rs 183 crore, along with interest and penalty, from Telangana.

The tax authority has imposed the penalty on the basis of excess input tax credit claimed under Reverse Charge Mechanism and short payment under Reverse Charge Mechanism order pertaining to transactions during 2017-18.

The state-owned life insurer told the exchanges that the GST amounts to nearly Rs 81.18 crore, penalty worth approximately Rs 93.76 crore, and interest of 8.11 crore, aggregating to around Rs 183 crore.