Life Insurance Corporation of India (LIC) has received a demand order from the Deputy Commissioner of State Taxes and Excise, Parwanoo, Himachal Pradesh, for Goods and Service Tax (GST), interest, and penalty amounting to ₹62,31,166 for the financial year 2019-20. The demand includes a GST amount of ₹17,956, interest of ₹27,22,254, and a penalty of ₹17,90,956.
The order, received on 9 March 2026, is appealable before the Commissioner (Appeals) in Shimla, Himachal Pradesh. The demand arises from the alleged non-reversal of Input Tax Credit (ITC) on exempted supply.
LIC has stated that the financial impact of this demand is limited to the specified amounts and does not materially affect the corporation’s financials, operations, or other activities. The information has been made available on LIC’s official website.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
This article is written by Business Desk and reviewed by Markets Desk before publication.