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Life Insurance Corporation is likely to file a preliminary IPO prospectus on Tuesday, sources directly involved in the IPO process told Reuters.

The government is looking to sell a 3.5 per cent stake in the state-owned insurance behemoth and the IPO is likely to open in the first week of May.

The price band for the per equity share is likely to be announced on Wednesday, the sources said.

LIC management and the investment bankers will embark on road shows in six cities across India - including Mumbai, New Delhi, Bengaluru, Ahmedabad, Rajkot, Kolkata - where they will be meeting potential investors and analysts starting on Wednesday, one of the sources said.

The road shows are likely to be concluded by the end of this week. In the last two years with the Covid-19 pandemic, physical roadshows had come to a grinding halt but now with infections down the management has decided to re-start the process.

Apart from this, online roadshows covering investors across other regions will also continue, the source added.

The finance ministry did not immediately respond to an email request seeking comment.

New Delhi has already halved its fundraising goal for LIC's IPO to Rs 300 billion ($3.9 billion), having had to cut its valuation estimates after feedback from investors, a government source told Reuters last week.

The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry.

The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 lakh crore was collected, which was 6.8 percent higher as compared to the previous month.

If the projected numbers for April 2022 turn out to be accurate, it would be the 10th month in a row when GST collections would cross the Rs 1 lakh crore-mark.

Also Read | Ministers' panel yet to take a view on GST rate rationalisation

For FY22 as a whole, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21. The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalisation measures undertaken by the GST Council to correct inverted duty structures.

While the GST collections are on a high, deliberations are also reportedly underway to rationalise the taxation rates. The Finance Ministry, on April 25, said that the Group of Ministers - constituted in September last year to deliberate on the rates - was yet to submit their report.

Also Read | CAIT, IFA urge government to roll back hike in GST rate on footwear

The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, was set up by the GST Council to recommend ways in which any anomalies in tax rates could be corrected and revenue could be augmented.

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