LIC Receives Rs 605.5 Crore GST Demand Order for FY20

The Life Insurance Corporation of India (LIC) has been issued a GST demand order amounting to Rs. 605.5 crore for the financial year 2020. The demand is based on alleged discrepancies in the company's tax filings, particularly concerning the input tax credit claims. The authorities have scrutinized the company's tax compliance, leading to this significant demand. LIC, being a government-owned entity, is expected to respond to this demand through legal channels, potentially challenging the order. The case highlights the increasing focus of Indian tax authorities on ensuring compliance among large public sector undertakings and the ongoing efforts to curb tax evasion.