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Life Insurance Corporation gets Rs 101.95 crore GST demand notice

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Life Insurance Corporation gets Rs 101.95 crore GST demand notice

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

In a regulatory filing, LIC stated that the notice includes interest and penalties for multiple states, covering the period from 2017-18 to 2021-22. The demand order is appealable before the Commissioner (Appeals), Thane, PTI reported.

Despite the notice, LIC clarified that there is no material impact on its financials, operations or business activities.

(With inputs from PTI)

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