LIC gets GST demand notice of Rs 65 crore

The Life Insurance Corporation of India (LIC) has received a Goods and Services Tax (GST) demand notice of INR 65 crore. The notice pertains to discrepancies in the GST returns filed by LIC for the financial years 2017-18 and 2018-19. The tax authorities have identified differences between the taxable value declared in the returns and the actual value of services provided. LIC is currently reviewing the notice and plans to respond to the tax authorities with the necessary clarifications. This development highlights the importance of accurate GST compliance and the potential financial implications of discrepancies in tax filings. LIC’s response to the notice will be crucial in resolving the issue and ensuring compliance with GST regulations.