LIC Faces Rs 65 Crore GST Demand Notice

The Life Insurance Corporation of India (LIC) received a demand notice from tax authorities for a short payment of Rs 65 crore in GST for the year 2017-18. In addition to this, there is an imposed penalty of Rs 6.5 crore with applicable interest. LIC stated that the demand does not impact its financials or operations.

Life Insurance Corporation of India (LIC) has been served a significant tax demand notice amounting to approximately Rs 65 crore for underpayment of the Goods and Services Tax (GST) for the fiscal year 2017-18.

Additionally, the government has levied a penalty of Rs 6.5 crore, compounded by applicable interest, the insurer revealed in an official statement.

Despite the hefty financial implications, LIC assured stakeholders that the notice will have no material impact on its financial stability or operational activities.

(With inputs from agencies.)