LIC Receives GST Orders for ₹65.5 Crore; Appeals Planned
Life Insurance Corporation of India (LIC) has received orders from GST authorities in Telangana, Maharashtra, and Delhi for the collection of Goods and Services Tax (GST), interest, and penalty. The t...
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Why is Life Insurance Corporation Of India in the news today?
Life Insurance Corporation Of India (LICI) is in the news due to the company has received gst orders, which is a negative development. however, the company plans to appeal and states there is no material impact on operations, which mitigates the negativity.
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LIC Receives GST Orders for ₹65.5 Crore; Appeals Planned
December 31, 2025, 10:38 AM
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More Details on This News
Life Insurance Corporation of India (LIC) has received orders from GST authorities in Telangana, Maharashtra, and Delhi for the collection of Goods and Services Tax (GST), interest, and penalty. The total demand amounts to approximately ₹65.50 crore.
The company plans to file appeals before the appellate authorities in the respective states within the prescribed timelines against these orders. The financial impact is limited to the sum of GST, interest, and penalty, with no material impact expected on LIC's operations or other activities.
In Telangana, the demand related to short payment of tax and wrongly claimed Input Tax Credit (ITC) for FY 2021-22 amounts to ₹1.96 crore. For Maharashtra, the demand for the same violation in FY 2021-22 is ₹49.16 crore. In Delhi, the demand concerning wrongly claimed ITC for FY 2021-22 stands at ₹6.40 crore.
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