LIC Receives ₹190 Cr GST, Interest & Penalty Demand for UP

Life Insurance Corporation of India (LIC) has received a demand order from the Commissioner Appeals CGST & Central Excise, Allahabad, for Goods & Service Tax (GST), interest, and penalty amounting to ₹95,23,84,119/- each, totaling approximately ₹190.47 crore. This demand pertains to the financial years 2018-19, 2019-20, and 2020-21, citing excess Input Tax Credit (ITC) claimed and short tax paid. The order is appealable before the GST Appellate Tribunal. LIC states there is no material impact on its financials, operations, or other activities.