2024-08-31 05:54:21
New Delhi: Life Insurance Corporation of India (LIC) has announced a total dividend of Rs 6,103.62 crore to the Government of India for the financial year 2023-24. This dividend also includes Rs 3,662.17 crore already paid to Finance Minister Nirmala Sitharaman. LIC Chairman Siddharth Mohanty handed over a cheque of Rs 3,662.17 crore to Finance Minister Nirmala Sitharaman. This amount was approved by the shareholders in the Annual General Meeting of LIC held on August 22, 2024. Interestingly, LIC has received a notice for GST, interest and penalty in Maharashtra on the same day. This notice is about Rs 606 crore for the financial year 2019-20. LIC has said that this will not have any impact on their work.
Earlier, in May, LIC had declared a final dividend of Rs 6 per share for the financial year ended March 31, 2024. LIC had also paid an interim dividend of Rs 2,441.45 crore on March 1, 2024. Thus, the total dividend for the financial year 2023-24 stood at Rs 6,103.62 crore. The Government of India holds 6,10,36,22,781 shares out of a total of 6,32,49,97,701 shares of LIC, which is a 96.50% stake in the company.
Total dividend paid was Rs 6,103.62 crore
The company said in a statement, ‘LIC has paid a total dividend of Rs 6,103.62 crore to the Government of India for the financial year 2023-24. This includes Rs 3,662.17 crore paid to Finance Minister Nirmala Sitharaman today and an additional dividend of Rs 2,441.45 crore paid on March 1, 2024.’
LIC also announced its quarterly results for the first quarter ended June 2024. The company earned a net profit of Rs 10,544 crore in this quarter, which is 9% more than the profit of Rs 9,635 crore in the same quarter last year. Apart from this, the total premium collection of the company also increased by 16% year-on-year to Rs 1.14 lakh crore. It was Rs 98,755 crore in the same quarter last year.
Tax demand from LIC in Maharashtra
On the other hand, LIC has received a notice for GST, interest and penalty in Maharashtra. The Maharashtra government has sent this notice for the financial year 2019-20. According to LIC, the amount of GST is Rs 2,94,43,47,220, interest is Rs 2,81,70,71,780 and penalty is Rs 29,44,73,582. LIC can appeal against this notice to the Joint Commissioner (Appeal) in Mumbai.
LIC has informed the stock exchange that this notice will not have any significant impact on the financial position, operations or other activities of the corporation. This is not the first time that LIC has received a notice regarding GST. On August 28, Deputy Commissioner, DGSTO-5 in Bengaluru, Karnataka also sent a GST notice of Rs 38.09 crore to LIC.
Earlier in July, LIC had filed an appeal with the Joint Commissioner (Appeals) in Mumbai against the GST notice of Rs 794 crore for the financial year 2018-19. In March too, tax officials had sent a notice of about Rs 178 crore to LIC for paying less amount of GST for two financial years.