LIC Receives ₹109 Cr GST, Penalty Demand for Jharkhand

Life Insurance Corporation of India (LIC) has received a demand order for Goods & Service Tax (GST), interest, and penalty amounting to ₹109.01 crore from the Additional Commissioner, Central GST & Central Excise, Jamshedpur. The demand pertains to the financial year 2022-23 and is related to the pre-mature availment of Input Tax Credit on Reverse Charge Mechanism. LIC states that the order is appealable before the Commissioner (Appeals), Jamshedpur. The company has clarified that there is no material impact on its financials, operations, or other activities.