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“…this is to inform that the Life Insurance Corporation of India (“the Corporation”) has received communication/ demand order for Goods & Service Tax, Interest and penalty for Delhi State. The order is appealable before the Commissioner (Appeals), Delhi,” LIC said in a regulatory filing.
The notice includes a GST demand of ₹31.04 crore, interest of ₹23.13 crore, and a penalty of ₹3.10 crore, citing excess Input Tax Credit (ITC) availed by the corporation. LIC stated that the order is appealable before the Commissioner (Appeals), Delhi, and added that the financial impact is limited to the demand amount with no material effect on its overall operations.
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“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,” LIC added.
Life Insurance Corporation of India posted a 21% year-on-year (YoY) decline in new business premium (NBP) for the third quarter of FY25 at ₹43,075 crore. Despite the drop, this figure exceeded CNBC-TV18 estimates of ₹42,406 crore, indicating resilience in LIC’s premium collections amid market challenges.
PSU insurer reported a 17% on-year rise in standalone net profit for the third quarter of FY25, coming in at ₹11,056 crore, compared to ₹9,444 crore in the same period last year. However, total income declined to ₹2,01,994 crore from ₹2,12,447 crore in Q3FY24, reflecting a dip in investment and policyholder-related earnings.
Also Read: Life insurance premiums drop 8% in January; private players outperform LIC
Shares of Life Insurance Corporation of India ended at ₹775.90, down by ₹5.40, or 0.69% on the BSE.
