LIC Faces Rs 101.95 Crore GST Demand Notice

The Life Insurance Corporation of India has been issued a demand notice of Rs 101.95 crore by tax authorities for alleged GST short payment over five financial years. This notice includes penalties and interest for several states and is subject to appeal in Thane.

The Life Insurance Corporation of India (LIC) on Tuesday revealed that tax authorities have issued a demand notice of approximately Rs 101.95 crore for alleged short payment of Goods and Services Tax (GST) spanning five financial years.

This demand includes penalties and interest across various states, as detailed in a regulatory filing by the company. LIC has announced that the order is contestable before the Commissioner (Appeals) in Thane.

Covering the financial years from 2017-18 to 2021-22, the notice's financial impact is limited to GST, interest, and penalties, with no substantial effect on the corporation's financial health or operations.

(With inputs from agencies.)