LICI Receives GST Demand Order for ₹1.84 Crore in Karnataka
Life Insurance Corporation of India (LIC) has received a demand order for Goods & Services Tax (GST), interest, and penalty for the Financial Year 2021-22 from the Deputy Commissioner, Large Taxpayers...
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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 announcement details a gst demand order, which is a negative event. however, the company has stated that the order is appealable and there is no material impact on its financials or operations, thus balancing the negative aspect.
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LICI Receives GST Demand Order for ₹1.84 Crore in Karnataka
December 29, 2025, 06:30 AM
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Life Insurance Corporation of India (LIC) has received a demand order for Goods & Services Tax (GST), interest, and penalty for the Financial Year 2021-22 from the Deputy Commissioner, Large Taxpayers Unit-LTU, Bengaluru, Karnataka.
The demand comprises GST amounting to ₹1,03,78,268, interest of ₹69,88,466, and penalty of ₹10,37,827, totaling ₹1,84,04,561 (approximately ₹1.84 crore).
The alleged violation pertains to excess Input Tax Credit (ITC) claimed. The Corporation received the communication on December 26, 2025, and it came to their knowledge on December 29, 2025, at 9:44 a.m.
LIC has stated that this order is appealable before the Commissioner (Appeals), Karnataka. The company also clarified that there is no material impact on the financials, operations, or other activities of the Corporation, as the financial impact is limited to the sum of the demand, interest, and penalty.
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