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LIC Hit with ₹480 Crore GST Demand for Alleged Short Reversal of ITC

Update / Judgement Date

28 Feb 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Corporate ComplianceGST

LIC has been hit with a crore GST demand for alleged short reversal of ITC. This demand highlights the importance of accurate GST compliance in the insurance sector. It underscores the need for proper documentation and accounting. This move reflects the authorities' efforts to enforce GST regulations. It emphasizes the need for thorough audits. The demand aims to ensure compliance and recover revenue.