LIC Faces GST Authority's Demand Of Rs 1.91 Cr
Life Insurance Corporation (LIC), operating in India for over six decades, faces a GST demand totaling Rs 1,91,01,92,271 for the fiscal years 2017-2018 and 2018-2019. Despite this, the corporation has confirmed that this development won't notably affect its financial standing, operations or overall activities.
The state-owned life insurer recently recorded a significant decline in standalone net profit, experiencing a 50.32 per cent drop to Rs 7,925.02 crore in Q2 FY24 compared to Rs 15,952.49 crore in Q2 FY23. Moreover, its total premium income decreased by 18.7 per cent, reaching Rs 1,07,396.77 crore in Q2 FY24, down from Rs 1,32,104.14 crore in Q2 FY23.
