Life Insurance Corporation of India (LIC) has received a communication regarding a demand order for Goods & Service Tax (GST), interest, and penalty for the state of Jharkhand. The total demand includes GST of INR 92,48,03,480/- and a penalty of INR 92,48,03,480/-. The order is appealable before the Commissioner (Appeals), Jamshedpur.
GST Demand Details
LIC has received a demand order encompassing GST, applicable interest, and penalty related to its operations within Jharkhand. The communication was officially received on September 15, 2025.
Financial Implications
The demand includes the following components:
- GST: INR 92,48,03,480/-
- Interest: As applicable
- Penalty: INR 92,48,03,480/-
The demand pertains to the financial year 2021-22. The company states that the financial impact is limited to the extent of the GST, interest, and penalty. There is no anticipated material impact on the financials, operations, or other activities of the Corporation.
Violation Details
The demand relates to a pre-mature availment of Input Tax Credit on Reverse Charge Mechanism.
Source: BSE
