Life Insurance Corporation Of India — Important, 27-02-2025: Updates

Life Insurance Corporation of India has received a communication regarding a demand order for Goods and Service Tax (GST), interest, and penalty for the financial year 2020-21 from the Deputy Commissioner of State Tax in Mumbai. The demand amounts to GST of INR 2,422.30 crore, interest of INR 213.43 crore, and a penalty of INR 24.22 crore. The violation relates to the alleged wrong availment and short reversal of Input Tax Credit, along with interest on late payments and short payment of tax liability. The company indicates that there is no material impact on its financials, operations, or other activities as a result of this order.