New Delhi:

Life Insurance Corporation on Wednesday said the GST Authority has imposed a fine of Rs 36,844 on LIC for lower payment of taxes.

The corporation has received a communication/demand order for collection of GST, along with interest and penalty for Jammu & Kashmir state, LIC said in a regulatory filing.

As per the notice dated October 9, 2023, by the State Taxes Officer, Srinagar, LIC paid 12 per cent GST instead of 18 per cent on certain invoices.

The tax authority has raised a demand order cum penalty notice for 2019-20– GST – Rs 10,462, penalty Rs 20,000 and interest Rs 6,382.

There is no material impact on financials, operations or other activities of the corporation, it said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Life Insurance Corporation of India (LIC) eastern zonal head office building in Kolkata. File
| Photo Credit: REUTERS

LIC on Thursday said it has sold 2% of its holding in Sun Pharma for ₹4,699 crore via open market sale.

Following the share sale, there is a decrease of 2% in holding during the period from July 22, 2022 to September 13, 2023.

“Corporation’s shareholding in Sun Pharma has diluted from 12,05,24,944 to 7,22,68,890 equity shares decreasing its shareholding from 5.023% to 3.012% of the paid-up capital of the said company,” LIC said in a regulatory filing.

The shares were sold at an average price of ₹973.80 per share during the period through an open market sale in an ordinary course of transaction, it said.

Sun Pharma is engaged in the business of manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients (APls).

Shares of the country’s largest state-owned insurer, LIC, closed at ₹660.80 apiece on BSE, up by 0.27%. Sun Pharma shares ended 0.8% up at ₹1,143.60.