Representational file image.
| Photo Credit: Reuters
Life Insurance Corporation of India (LIC) on Monday (February 24, 2025) said tax authorities have slapped a demand notice of about ₹57.2 crore on it for excess Input Tax Credit (ITC) availed for the financial year 2020-21.
The company has received a communication/demand order on Monday from Assistant Commissioner, Delhi regarding excess ITC availed, LIC said in a regulatory filing.
The financial impact of the demand is to the extent of the GST (₹31,04,35,201), Interest (₹23,13,21,002) and Penalty (₹3,10,43,519), it said.
There is no material impact on financials, operations or other activities of the corporation, it added.
Published – February 24, 2025 07:37 pm IST