LIC receives Rs.65 Crore GST Demand Notice:

LIC receives Rs.65 Crore GST Demand Notice The Life Insurance Corporation of India (LIC) said on Wednesday that tax authorities had issued it a demand notice for around Rs.65 crore for failing to pay Goods and Services Tax (GST) for 2017-18. In addition, there is a Rs 6.5 crore penalty and interest as applicable. On October 30, LIC received a communication/demand order for Goods and Services Tax, Interest, and Penalty for Jharkhand, according to a regulatory filing. It noted that there is no meaningful impact on the corporation's finances, operations, or other activities. Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional investor with total assets under management worth Rs.52.52 trillion (US$630 billion) as of March 2024.