On December 4, 2024, Life Insurance Corporation of India (LIC) disclosed that it has received a demand notice from the Excise and Taxation Officer cum State Tax Officer, Ludhiana, Punjab, regarding the Goods and Services Tax (GST) for the financial year 2020-21. The notice includes a demand for GST of INR 76,518, interest of INR 1,80,208, and a penalty of INR 20,000. This communication has been officially recognized as a demand order, and the matter is now open for appeal before the Commissioner (Appeals), Punjab.

The issue raised in the notice pertains to the Input Tax Credit (ITC) on inward supplies that allegedly show a wrong place of supply, which has led to this demand. However, LIC clarified that this order does not have any material impact on the financials or the operations of the Corporation. The financial impact of the demand is quantifiable and relates only to the amounts demanded under GST, interest, and penalty, totaling INR 2,76,726.

As per the official filing, LIC assures that the appeal process is underway, and the company is confident that this demand will not adversely affect its overall operations or future performance. Furthermore, the Life Insurance Corporation of India continues to adhere to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring that all relevant disclosures are made to the stock exchanges in a timely manner.
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This update has been disclosed to the BSE and the NSE, and the full disclosure is also available on the Corporation’s official website, www.licindia.in. This matter is in line with the ongoing regulatory processes, and LIC continues to maintain transparency in its operations.

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