Fri Feb 28 03:10:00 UTC 2025: ## LIC Faces Fresh GST Demand Notice, Share Price Dips
**Mumbai, [Date]** – Life Insurance Corporation of India (LIC) has received another GST demand notice, this time for ₹479.88 crore, related to underpayment of Goods and Services Tax (GST) for the fiscal year 2020-21. This follows a previous notice issued earlier this week for approximately ₹57.2 crore concerning excess input tax credit (ITC).
The latest notice, received from the Deputy Commissioner of State Tax, Mumbai, includes ₹242.23 crore in GST dues, ₹213.43 crore in interest, and ₹24.22 crore in penalties. LIC clarified that the demand relates to incorrect ITC claims and late payment penalties. The company plans to appeal the order to the Joint Commissioner of State Tax (Appeals), Mumbai.
Earlier this week, LIC also reported receiving a notice from the Assistant Commissioner in Delhi for approximately ₹57.2 crore, encompassing GST dues, interest, and penalties related to additional ITC.
LIC stated in both instances that these notices will not materially impact its financial position, operations, or other activities. Despite this assurance, LIC’s share price closed at ₹741.10 on Thursday, down ₹15.45 or 2.04% on the BSE.
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