Who gave notice of Rs 806 crore to LIC? Know what will be the impact on policyholders

As soon as the news related to the country's largest insurance company LIC came out on the second day of the year, the shares of the company fell heavily. Life Insurance Corporation of India told the stock exchange filing that it has reportedly received notice of about Rs 806 crore for the financial year 2017-18. After this, as soon as the market opened on Tuesday, LIC's Share started falling and it slipped by about 2 per cent. However, the company has refused to give it and is preparing to appeal against the notice.

Let us tell you that in the information given to the stock exchange, LIC said that it has been sent a GST notice of Rs 806 crore by the Deputy Commissioner of State Tax, Mumbai. This includes Rs 365.02 crore GST and Rs 404.7 crore fine as well as interest of Rs 36.5 crore. The company is accused of violating non-reversal rules of input tax credit. According to the notice, the company is accused of violating non-reversal rules of input tax credit.

It has been told in the stock exchange filing by LIC that the company is preparing to file an appeal against this GST notice. However, the company has assured that due to this notice, there is no impact of any kind on the financial, operational or other activities of LIC. But on the one hand, the company is claiming that everything is fine, while on the other hand, the decline in LIC Shares has also started.

The immediate impact of the news of the receipt of the GST notice was seen on LIC shares. Amidst the fall in the stock market on Tuesday, the second trading day of the week, LIC shares are also trading in the red. The company's share opened at the level of Rs 853.80 at 9.15 am when the market opened and within an hour of trading, it slipped to the level of Rs 839. Till the time of writing the news, the company with a market capitalization of Rs 5.34 lakh crore was trading at the level of Rs 843.75, slipping by 1.75 per cent.

In the official statement issued by the company, it has been said that due to this notice, there is no impact of any kind on the financial, operational or other activities of LIC. However, it is too early to say anything about its impact on policyholders.