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Government insurance company LIC got a wonderful gift on Friday. Income Tax Department approved the refund of LIC pending for years. LIC is going to get a total benefit of more than Rs 25 thousand crore from this.
Many orders have been issued so far
Refund orders worth about Rs 22 thousand crore were issued to LIC by CBDT i.e. Central Board of Direct Taxes. However, the total amount of refund is more than Rs 25 thousand crores. At present, 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 are worth a total of Rs 21,740.77 crore. The total amount of refund is Rs 25,464.46 crore.
LIC shares increased
In the last few days, LIC has also gained a lot in the stock market. On Friday, LIC shares closed 1.53 per cent lower at Rs 1,039.90. The share price has fallen by more than seven and a half percent in the last 5 days. However, according to the last one month, this stock is gaining more than 17 percent and in 6 months it is increasing by about 60 percent. Recently, this stock not only crossed its IPO level for the first time, but also continuously made new highs and went 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 company's IPO was nothing special and the shares were listed at a discount. Before the tremendous boom in the last few months, investors of LIC IPO were in loss for a long time.
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 taxes so far during the current financial year has reached Rs 15.60 lakh crore, which is 20.25 percent more than the same period a year ago. So far, 80.23 percent of the revised estimate of tax collection for the financial year 2023-24 has reached the government treasury. This figure is till February 10. During this period, gross direct tax collection has increased by 17 percent to Rs 18.38 lakh crore.