New Delhi: Life Insurance coverage Company of India (LIC) has introduced a complete dividend of Rs 6,103.62 crore to the Authorities of India for the monetary 12 months 2023-24. This dividend additionally contains Rs 3,662.17 crore already given to Finance Minister Nirmala Sitharaman. LIC Chairman Siddharth Mohanty handed over a test of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman. This quantity was permitted by the shareholders within the Annual Basic Assembly of LIC held on August 22, 2024. Apparently, LIC has obtained a discover for GST, curiosity and penalty in Maharashtra on the identical day. This discover for the monetary 12 months 2019-20 is about Rs 606 crore. LIC has stated that this won’t have any affect on their work.
Earlier, in Could, LIC had introduced a ultimate dividend of Rs 6 per share for the monetary 12 months ended March 31, 2024. LIC had additionally paid an interim dividend of Rs 2,441.45 crore on March 1, 2024. Thus, the entire dividend for the monetary 12 months 2023-24 was Rs 6,103.62 crore. The Authorities of India holds 6,10,36,22,781 shares out of a complete of 6,32,49,97,701 shares of LIC, which is 96.50% stake within the firm.
Whole dividend of Rs 6,103.62 crore given
The corporate stated in a press release, ‘LIC has paid a complete dividend of Rs 6,103.62 crore to the Authorities of India for the monetary 12 months 2023-24. This contains Rs 3,662.17 crore given to Finance Minister Nirmala Sitharaman in the present day and an extra dividend of Rs 2,441.45 crore given on March 1, 2024.’
LIC additionally introduced its quarterly outcomes for the primary quarter ended June 2024. The corporate earned a internet revenue of Rs 10,544 crore on this quarter, which is 9% greater than the revenue of Rs 9,635 crore in the identical quarter final 12 months. Other than this, the entire premium assortment of the corporate additionally elevated by 16% year-on-year to Rs 1.14 lakh crore. It was Rs 98,755 crore in the identical quarter final 12 months.
Tax demand from LIC in Maharashtra
However, LIC has obtained a discover for GST, curiosity and penalty in Maharashtra. The Maharashtra authorities has despatched this discover for the monetary 12 months 2019-20. In accordance with LIC, the quantity of GST is Rs 2,94,43,47,220, curiosity is Rs 2,81,70,71,780 and penalty is Rs 29,44,73,582. LIC can attraction in opposition to this discover to the Joint Commissioner (Enchantment) in Mumbai.
LIC has knowledgeable the inventory market that this discover won’t have any important affect on the monetary place, operations or different actions of the company. This isn’t the primary time that LIC has obtained a discover relating to GST. On August 28, Deputy Commissioner, DGSTO-5 in Bengaluru, Karnataka additionally despatched a GST discover of Rs 38.09 crore to LIC.
Earlier in July, LIC had filed an attraction to the Joint Commissioner (Enchantment) in Mumbai in opposition to the GST discover of Rs 794 crore for the monetary 12 months 2018-19. In March too, tax authorities had despatched a discover of about Rs 178 crore to LIC for paying much less quantity of GST for 2 monetary years.