LIC gets over ₹2,370-cr GST demand for excess ITC claim

Life Insurance Corporation of India (LIC) has received a tax demand order of over ₹2,370 crore from the Maharashtra State Tax Department for the financial years 2021-22 to 2023-24. The authorities alleged that the corporation claimed excess input tax credit (ITC) during the period. The demand includes ₹1,382.52 crore in GST, ₹849.56 crore in interest, and ₹138.25 crore in penalties.