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Updated 20:19 IST, February 5th 2025

LIC gets GST demand notice of Rs 105 crore

The company has received a communication/demand order for interest and penalty for several states on February 5, LIC said in a regulatory filing.

Reported by: Business Desk
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LIC | Image: LIC

Life Insurance Corporation of India (LIC) announced on Wednesday that it had received a demand notice amounting to approximately Rs 105.42 crore for underpayment of Goods and Services Tax (GST) across seven financial years.

According to a regulatory filing, the company received a communication and demand order regarding interest and penalties for several states on February 5.

LIC clarified that the demand notice pertains to the period from 2017-18 to 2023-24. The notice is open to appeal before the Commissioner (Appeals) in Lucknow.

While the demand includes GST, interest, and penalties, LIC emphasized that it does not have a significant impact on the company's financials, operations, or other activities.

LIC, owned by the Government of India, is the country’s largest life insurance company and a key financial institution.

Published 20:16 IST, February 5th 2025