New Delhi: Life Insurance Corporation of India (LIC) has received a massive GST demand order totalling ₹2,370.34 crore, including tax, interest and penalty, from the Maharashtra State tax authorities for the financial years 2021–22 to 2023–24.
In a stock exchange filing on Wednesday, LIC said the Deputy Commissioner of State Tax, Chembur, has issued a demand comprising ₹1,382.52 crore in GST, ₹849.57 crore in interest, and ₹138.25 crore in penalty. The notice alleges that the insurer claimed excess input tax credit (ITC) during the period under review.
The country’s largest insurer said the order—received on December 10 at 10:18 am—is appealable before the Commissioner (Appeals), Mumbai, indicating that the corporation will challenge the demand.
LIC clarified that while the financial implication corresponds to the total tax, interest and penalty demanded, there is no material impact on its operations or business activities.
The corporation has uploaded the disclosure on its website and notified both BSE and NSE.