Highlights

LIC hit with Rs 57.2 Cr demand
Alleged excess ITC usage
Assurance of minimal financial impact

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LIC faces Rs 57.2 Crore tax demand over excess ITC

Name: LIC faces Rs 57.2 Crore tax demand over excess ITC
Uploaded: 2025-02-24T19:45:26.000+05:30
Duration: T01M01S
Channel: PTI
Description: The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

Updated: Sep 02, 2022 10:53

PTI

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LIC faces Rs 57.2 Crore tax demand over excess ITC

Life Insurance Corporation of India (LIC) on Monday said tax authorities have slapped a demand notice of about Rs 57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21.

The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.

The financial impact of the demand is to the extent of the GST (Rs 31,04,35,201), Interest (Rs 23,13,21,002) and Penalty (Rs 3,10,43,519), it said.

There is no material impact on financials, operations or other activities of the corporation, it added.