Key Quantitative Figures
- GST Demand: ₹95,23,84,119 (₹95.24 crore)
- Penalty Demand: ₹95,23,84,119 (₹95.24 crore)
- Interest Demand: As Applicable (amount not specified)
- Total Quantifiable Demand: ₹190,47,68,238 (₹190.48 crore) excluding interest
Parties Involved
- Issuing Authority: Commissioner Appeals CGST & Central Excise, Allahabad, Uttar Pradesh
- Recipient: Life Insurance Corporation of India
Details of Violation
The demand order alleges "Excess ITC claimed and Short Tax paid" for the financial years 2018-19, 2019-20, and 2020-21.
Financial Impact Assessment
The disclosure states: "The financial impact of the demand is to the extent of the GST, Interest and Penalty. There is no material impact on financials, operations or other activities of the Corporation."
Additional Information
The filing includes a clarification that "intimation reference LIC/SE/2026-27/75 was inadvertently uploaded though the said information was already disseminated to the stock exchanges earlier."
Dissemination
A copy of this intimation has been made available on the corporation's website at www.licindia.in.