LIC receives GST, Interest & Penalty demand of ₹109 Cr for Jharkhand

Life Insurance Corporation of India (LIC) has received a demand order from the Additional Commissioner, Central GST & Central Excise, Jamshedpur, for Goods & Service Tax (GST), interest, and penalty for the Financial Year 2022-23. The total demand includes GST of ₹99,09,87,896/-, applicable interest, and a penalty of ₹9,90,98,790/-. The alleged contravention pertains to the premature availment of Input Tax Credit on Reverse Charge Mechanism. LIC states that the order is appealable before the Commissioner (Appeals), Jamshedpur. The company asserts that there is no material impact on its financials, operations, or other activities.