Life Insurance Corporation of India (LIC) has received a demand order for Goods & Service Tax (GST), interest, and penalty totaling over ₹95.23 crore for the financial years 2018-19, 2019-20, and 2020-21. The demand stems from alleged excess Input Tax Credit (ITC) claims and short tax paid. LIC has indicated that the order is appealable before the GST Appellate Tribunal, and the company states there is no material impact on its financials or operations.
GST Demand Issued to LIC
Life Insurance Corporation of India (LIC) announced that it has received a significant demand order from the Commissioner Appeals CGST & Central Excise, Allahabad. The order pertains to alleged issues of excess ITC claimed and short tax paid for the financial years 2018-19, 2019-20, and 2020-21.
Financial Impact and Appeal
The total demand includes GST amounting to INR 95,23,84,119/-, applicable interest, and a penalty of INR 95,23,84,119/-. While the financial impact of this demand is substantial, LIC has clarified that there is no material impact on the corporation’s financials, operations, or other activities. The company intends to appeal this order before the GST Appellate Tribunal.
Disclosure Details
This disclosure is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was received by LIC on July 31, 2026. The company has also noted that a previous intimation reference number was inadvertently uploaded.
Source: BSE
