In an important development, Life Insurance Corporation of India (LIC) has filed an appeal with the GST Appellate Authority in Maharashtra against a significant demand issued by the Deputy Commissioner of State Tax, Mumbai. The demand, related to the financial year 2019-20, amounts to a total of Rs. 2,47,68,61,497 in Goods and Services Tax (GST) along with an interest of Rs. 2,57,12,29,051 and a penalty of Rs. 24,77,25,009. This decision follows earlier filings by LIC in August 2024, which also raised concerns about the validity of the GST claim.

Despite the large figures involved in this demand, LIC has clearly stated that the financial impact of the GST claim, interest, and penalty will not affect its operations. The Corporation has reassured its stakeholders that there will be no material impact on the company’s financials or its ongoing activities. As part of its ongoing commitment to transparency, LIC has made this information available on its website at www.licindia.in and has also communicated this update to the relevant stock exchanges.

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Life Insurance Corporation (LIC) has remained a major player in India's insurance sector. Despite the ongoing GST dispute, the corporation continues to focus on its business operations, maintaining that the tax demand will not disrupt its market activities or operational strategies. The appeal filed is part of LIC’s legal process to challenge what it considers an unjustified demand and to seek relief through the appropriate legal channels.

This development has caught the attention of investors, given the scale of the tax demand and the significant sums involved. However, LIC’s statement about no material impact reassures that the corporation’s financial health remains stable. LIC’s stock market performance, therefore, remains unaffected by this demand for the time being, and it continues to be closely monitored by industry analysts.

It is important to note that LIC’s GST appeal could take some time before it is resolved in the appellate courts. If successful, the company could see a reduction or even reversal of the GST liability and penalty charges, which could improve its financial outlook moving forward.

In the meantime, investors and stakeholders are advised to stay updated on any developments in this case, especially as LIC progresses through its appeal process.

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