LIC Receives Demand for GST, Interest, and Penalty Over Past Financial Years
Life Insurance Corporation of India (LIC) has received a demand order concerning Goods & Service Tax (GST), interest, and penalty from the Commissioner Appeals CGST & Central Excise in Allahabad. The demand pertains to financial years 2018-19, 2019-20, and 2020-21, following allegations of excess Input Tax Credit (ITC) claiming and short tax payment.The details of the demand received by LIC on July 31, 2026, are as follows:
| Financial Detail | Description |
|---|---|
| Authority | Commissioner Appeals CGST & Central Excise, Allahabad |
| Years Covered | F.Y. 2018-19, 2019-20, and 2020-21 |
| Demand for GST and Penalty | INR 95,23,84,119/- |
| Interest Amount | As Applicable |
| Violation Details | Excess ITC claimed and Short Tax paid |
The demand encompasses the outstanding amounts of GST and associated penalty. Regarding the company's operational standing, LIC stated that the financial impact of this demand is limited to the GST, interest, and penalty amount, with no material effect on its financials or operations.
The order issued by the authority is appealable before the GST Appellate Tribunal.
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