Mon Feb 24 14:07:54 UTC 2025: ## LIC Faces ₹57.2 Crore Tax Demand for Excess ITC

**New Delhi, February 24, 2025** – Life Insurance Corporation of India (LIC) announced today that tax authorities have issued a demand notice for approximately ₹57.2 crore. The notice alleges excess Input Tax Credit (ITC) was claimed for the 2020-21 financial year.

According to a regulatory filing, the demand, from the Assistant Commissioner in Delhi, includes ₹31.04 crore in GST, ₹23.13 crore in interest, and ₹3.10 crore in penalties. LIC stated that this tax demand will not materially impact its financial standing, operations, or other activities.

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