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Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about ₹806 crore on it for alleged short payment of GST for 2017-18. In a notification of the stock exchanges, LIC said it has received a communication/demand order on Monday for collection of GST along with interest and penalty for Maharashtra and it will file an appeal before Commissioner (Appeals), Mumbai, against the order. There is no material impact on financials, operations or other activities of the Corporation, it clarified.

The Centre has hiked the windfall tax on crude oil while reducing the tax on diesel and aviation turbine fuel, according to a government notification. The government hiked the windfall tax on petroleum crude oil to ₹2,300 ($27.63) a tonne from ₹1,300, it said. A tax of 50 paise per litre on diesel and ₹1 (windfall tax) on aviation fuel were cut.

Life Insurance Corporation of India’s (LIC) shareholding in Asian Paints Limited has increased from 4,79,14,156 to 4,79,62,808 Equity Shares, increasing its shareholding from 4.995 per cent to 5 per cent of the paid-up capital of the said Company.

The South-Central Railway has awarded an order of ₹109.465 crore a joint venture of the Company i.e. VRRC-KERNEX-CE-RVR, for comprehensive signalling and telecommunication works for provision of automatic block signalling system of Guntakal division. The company is partner of the Joint venture and the share will be decided at a later stage. The contract is awarded to the joint venture in which Kernex is member and the part of work is yet to be decided among the members

The Department of Investment & Public Asset Management has agreed to the proposal of SJVN and the Ministry of Power to form four joint venture companies for the development of Hydro & Renewable Projects in India and Nepal. The company will be the leading partners in three Joint Venture companies, while its wholly owned subsidiary i.e., SJVN Green Energy Limited will be the leading partner in the fourth. The company will form a JV with Maharashtra State Power Generation Company Ltd to develop 5,000 MW RE Projects. Another, JV will be between the Company, Government of Arunachal Pradesh & Navyuga Engineering Company Ltd toexecute the development of 1,878 MW Oju Hydro Electric Project. In the third JV, the company will be collaborating with Nepal Electricity Authority & GMR Energy Ltd for implementation of 900 MW Upper Karnali Hydro Electric Project where company & GMR will have equal equity partnership. Further, SGEL will be forming a JV with Assam Power Development Company for developing 1,000 MW RE Projects.

Veerhealth Care Limited has received a Preliminary Sample Export Order worth $ 50,000 (₹41.50 lakh) from one of the top institutional supplier company in the US.

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