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The demand of GST, interest & penalty has been levied for the period concerning FY 2017-2018 & FY 2018-2019 of Rs 1,91,01,92,271.
However, LIC stated that there is no material impact on financials, operations or other activities of the corporation.
LIC has been providing life insurance in India for more than 65 years and is the largest life insurer in the country.
The state-run life insurer’s standalone net profit tumbled 50.32% to Rs 7,925.02 crore in Q2 FY24 as against Rs 15,952.49 crore recorded in Q2 FY23. Total premium income stood at Rs 1,07,396.77 crore in Q2 FY24, down 18.7% from Rs 1,32,104.14 crore posted in Q2 FY23.
The scrip rose 1.05% to close at Rs 844.40 on Friday, 5 January 2024.
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