The government insurance company LIC received a wonderful gift on Friday. The income Tax Department cleared the refund of LIC, which was pending for years. Due to this, LIC will get a total benefit of more than Rs 25 thousand crore.
So Many Orders Have Already Been Issued
Refund orders worth Rs 22 thousand crore were issued to LIC by CBDT, i.e. Central Board of Direct Taxes. However, the total refund amount is more than Rs 25 thousand crores. Refund orders have been issued by the Income Tax Department for assessment years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20. These orders together are worth Rs 21,740.77 crore. The total amount of the refund is Rs 25,464.46 crore.
LIC Shares Rose
LIC has also gained much in the stock market in the last few days. On Friday, LIC shares closed at Rs 1,039.90, falling 1.53 per cent. The share price has corrected by more than seven and a half per cent in the last 5 days. However, as per the last month, the stock is in profit of more than 17 per cent and 6 months, gaining almost 60 per cent. Recently, this stock crossed its IPO level for the first time and continuously made new highs, up to Rs 1,175.
LIC’s IPO came in May 2022. The price band of the IPO was Rs 902 to Rs 949. The IPO company’s IPO was nothing special, and the shares were listed at a discount. LIC IPO investors were at a long loss before the tremendous rise in the last few months.
Direct Tax Collection Has Increased So Much
If we look at the tax front, CBDT has received good news. According to CBDT data, the net collection of direct tax has reached Rs 15.60 lakh crore during the current financial year, which is 20.25 per cent more than a year ago. So far, 80.23 per cent of the revised tax collection estimate for 2023-24 has reached the government treasury. This figure is till February 10. During this period, gross direct tax collection has increased by 17 per cent to Rs 18.38 lakh crore.
