Key Quantitative Figures
The demand order includes:
- GST demand: ₹99,09,87,896 (₹99.1 crore)
- Interest: As applicable (amount not specified)
- Penalty: ₹9,90,98,790 (₹9.9 crore)
- Total quantifiable demand: ₹109,00,86,686 (₹109 crore) excluding interest
Parties Involved
- Issuing authority: Additional Commissioner Central GST & Central Excise, Jamshedpur
- Appellant: Life Insurance Corporation of India
- Appellate forum: Commissioner (Appeals), Jamshedpur
Details of Violation
The demand relates to "Pre-Mature Availment of Input Tax Credit on Reverse Charge Mechanism" for the financial year 2022-23.
Financial Impact Assessment
LIC states that the financial impact of the demand is limited to the extent of the GST, interest, and penalty amounts. The corporation specifically notes that "There is no material impact on financials, operations or other activities of the Corporation."
Additional Information
The intimation has been sent to both BSE Limited (Scrip Code: LICI) and National Stock Exchange of India Ltd. (Scrip Code: 543526). A copy of this intimation is available on LIC's website at www.licindia.in.