LIC gets notice for not paying ₹2,050-crore service tax

India's largest insurance company, Life Insurance Corporation of India, has received a ₹2,050-crore service tax notice from the Directorate General of GST Intelligence. The notice to the state-owned company was for non-payment of service tax on forfeited policies since July 2012. Tax officials alleged that LIC suppressed facts with an intent to evade service tax payment on forfeited policies.