Life Insurance Corporation of India
This is to inform that the Corporation has received a demand order for GST, Interest and Penalty for Uttar Pradesh State.
REGULATORY
▼ Concern Flagged
MEDIUM RISK
📅 Filed on BSE: 31 Jul 2026, 08:37 PM IST · BSE ID: 712e0905-e293-41b2-8057-96edd2ca5ac1
View Original BSE Filing (PDF)
💡
In Simple Terms
LIC received a tax demand for GST, interest, and penalties totaling over INR 190 crore for three past fiscal years in Uttar Pradesh.
🤖 AI Summary
- LIC faces GST, interest, and penalty demand of INR 95,23,84,119/- plus applicable interest for UP.
- The demand order is from Commissioner Appeals CGST & Central Excise, Allahabad, for FYs 2018-19 to 2020-21.
- Alleged violations include excess ITC claimed and short tax paid.
- The company states the demand is appealable and has no material financial or operational impact.
🔢 Key Numbers — exact figures from BSE filing, not rounded
GST Demand
INR 95,23,84,119/-
Penalty Demand
INR 95,23,84,119/-
Interest Demand
As Applicable
Financial Years Covered
2018-19, 2019-20, 2020-21
🏢 How This Affects the Company
The financial impact is limited to the specified GST, interest, and penalty amount. The company has assessed no material impact on its overall financials.
The company has stated there is no material impact on its operations.
This demand flags a contingent liability, although the company has stated it is appealable, indicating ongoing regulatory scrutiny.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders. Shareholders should monitor future updates on the appeal process.
👤
Who Is Affected
All shareholders are indirectly affected due to the potential contingent liability, though LIC has stated there is no material impact.
🔍
Management Signal
Management's assertion of no material impact and the appealability of the order indicates confidence in challenging the demand.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Updates on the GST Appellate Tribunal appeal process.
Any revised financial disclosures if the appeal outcome changes liability.
Future tax demand orders from other jurisdictions.
MEDIUM RISK
Significant tax demands with penalties are a recurring concern, even if appealable.
💡 Investor Takeaway
LIC received a demand order for INR 95,23,84,119/- GST and INR 95,23,84,119/- penalty plus applicable interest for FYs 2018-19 to 2020-21 in Uttar Pradesh, stating it is appealable with no material impact.
⚖️ Strengths & Concerns
⚠️ Concerns
- Contingent liability of INR 95,23,84,119/- for GST and INR 95,23,84,119/- for penalty plus interest.
📅 Company Track Record
LIC has previously faced GST and tax demands in Jharkhand (INR 109.01 Cr for FY23), and income tax demands for FY 2023-24 (INR 103.31 Cr) and FY 2021-22 (INR 61.47 Cr).
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What is the total GST and penalty demand received by LIC for Uttar Pradesh?
LIC received a demand for GST of INR 95,23,84,119/- and a penalty of INR 95,23,84,119/-, plus applicable interest.
For which financial years is the GST and penalty demand issued to LIC?
The demand order pertains to Goods & Service Tax, interest, and penalty for the financial years 2018-19, 2019-20, and 2020-21.
Which authority issued the demand order to LIC?
The demand order was issued by the Commissioner Appeals CGST & Central Excise, Allahabad.
What is the alleged reason for the GST demand against LIC?
The alleged contraventions are excess Input Tax Credit (ITC) claimed and short tax paid.
What is the financial impact of this demand order on LIC?
LIC has stated that there is no material impact on its financials, operations, or other activities, and the order is appealable.
Questions based on this BSE filing only. For information purposes.