Life Insurance Corporation of India has received a communication from the Superintendent, RANGE-III, Large Taxpayer Unit, Corporate Unit, West Bengal, regarding a demand for Goods & Service Tax (GST), interest, and penalty GST ­ INR 3,59,29,763/- Interest ­ As applicable Penalty - INR 35,92,976/- for the financial year 2018-19. This demand pertains to alleged excess Input Tax Credit claimed. The communication was received on June 27, 2024, at 04:56 p.m. Despite the substantial financial demand, there is reported to be no significant impact on the financials, operations, or other activities of the Corporation.

The Corporation has the right to appeal this order before the Commissioner (Appeals), West Bengal, following the stipulated regulations.