LIC gets GST Notice of Rs.57.2 crore from Delhi Government

The Delhi State Government issued a Rs.57.27 crore goods and services tax (GST) notice to PSU-insurance major Life Insurance Corporation of India Limited, according to an exchange filing on Monday, February 24.

The Assistant Commissioner for Ward 206: Zone 11 in Delhi has claimed the GST amount from the state-owned insurance company.

“This is to inform you that the Life Insurance Corporation of India has received a communication/demand order for Goods and Services Tax, Interest, and Penalties for Delhi State. The order is appealable to the Commissioner (Appeals), Delhi,” according to the BSE filing.

The demand notice includes RS.31,04,35,201 (31.04 crore) in GST, Rs.23,13,21,002 (23.13 crore) in interest payments, and Rs.3,10,43,519 (3.10 crore) in GST penalties.

“The financial impact of the demand is limited to the GST, interest, and penalty.” There is no material impact on the Corporation’s financials, operations, or other activities,” the company stated in its exchange filing.

LIC shares closed 0.69 percent lower at Rs.775.90 on Monday, compared to Rs.781.30 at the previous market close. On February 24, after stock market hours, the company announced the GST notice.

The public sector-owned insurance firm’s shares reached a 52-week high of Rs.1,221.50 on August 1, 2024, and a 52-week low of Rs.745.15 on February 17, 2025, according to statistics from the BSE website. The insurance company’s market capitalisation exceeded Rs.4.90 lakh crore as of February 24.