The Life Insurance Corporation of India (LIC) has received a demand order from the Sales Tax Officer Class II, Delhi, concerning Goods & Service Tax (GST), including interest and penalties. The order, issued on August 20, 2024, pertains to alleged under-declaration of output tax and excess claims of Input Tax Credit (ITC) for the Delhi state.
According to the exchange filing, LIC has received demand for FY19-20. The GST demand is of Rs 29,60,396, Interest of Rs 23,09,110 and penalty of Rs 2,96,039.
The corporation has informed that the order is appealable and can be challenged before the Commissioner (Appeals) in the Delhi Division. However, LIC has stated that the demand order will not have any material impact on its financials, operations, or other activities.
