LIC gets ₹57.28 Crore GST demand order for FY 2020-21

25 Feb 2025 , 11:36 AM

Life Insurance Corporation announced that it has received a demand order of an aggregate amount of ₹57.28 Crore from the Assistant Commissioner, Ward 206, Zone 11, Delhi. The demand is in Goods & Services Tax (GST), interest, and penalties for FY 2020-21.
As per the company’s filing with the bourses, the notice includes a GST demand of ₹31.04 Crore, interest of ₹23.13 Crore, and penalty of ₹3.10 Crore. The department stated that the reason for demand is excess Input Tax Credit claimed by the company.
LIC stated that it shall file an appeal before the Commissioner (Appeals), Delhi for the said matter. Additionally, financial impact is limited to the demand amount and shall have no material impact on its overall operations.
In the recent quarter, LIC posted a 21% year-on-year decline in its new business premium at ₹43,075 Crore. Furthermore, the insurance behemoth reported a 17% y-o-y growth in its Q3 net profit at ₹11,056 Crore as compared to ₹9,444 Crore in the previous corresponding period.
At around 11.26 AM, LIC was trading 1.84% lower at ₹761.15, against the previous close of ₹775.40 on NSE. The counter touched an intraday high and low of ₹778.15, and ₹756, respectively.
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