LIC Faces Rs 105.42 Crore GST Demand Notice

The Life Insurance Corporation of India (LIC) has received a Rs 105.42 crore demand notice for short GST payment over seven years. The notice includes interest and penalty from several states and is subject to appeal. LIC states there is no major impact on financials or operations.

The Life Insurance Corporation of India (LIC) has been served with a demand notice for Rs 105.42 crore due to alleged short payment of the Goods and Services Tax (GST) over seven financial years. According to a regulatory filing, the notice, dated February 5, details interest and penalties levied by various states.

LIC has the option to appeal the order before the Commissioner (Appeals) in Lucknow. The company insists that the financial implications of the demand, which covers the GST, accrued interest, and penalties, do not significantly affect its overall financial health, operations, or other business activities.

This development relates to the fiscal years from 2017-18 to 2023-24, with LIC clarifying that despite the hefty sum, the notice does not bear material consequences on its corporate performance.