The Life Insurance Corporation of India (LIC) announced on Tuesday that it has received a demand notice from tax authorities for approximately ₹101.95 crore. The notice pertains to a shortfall in Goods and Services Tax (GST) payments over five financial years, spanning from 2017-18 to 2021-22. The demand includes GST dues, along with interest and penalties, and covers multiple states where LIC operates.

In its regulatory filing, LIC stated that the notice involves financial liabilities related to the GST payments but clarified that it can be challenged before the Commissioner (Appeals) in Thane. This gives the corporation an opportunity to contest the demand. Despite the significant amount in question, LIC assured stakeholders that this issue would not have a major impact on its overall financial health or business operations.

LIC further emphasized that the demand would not disrupt its ongoing activities or strategic plans. While acknowledging the financial liabilities involved, the corporation assured that the matter is being addressed, and its business operations will continue as usual without substantial adverse effects.