LIC gets ₹605.5 crore GST penalty notice for FY20

LIC, the Life Insurance Corporation of India, has received a notice demanding a penalty of ₹605.5 crore for goods and services tax (GST) for the financial year 2020.

On Thursday, LIC, a state-owned lender, handed over a dividend cheque of ₹3,662.17 crore to Finance Minister Nirmala Sitharaman. The cheque was presented by LIC's CEO and Managing Director, Siddhartha Mohanty, in the presence of M P Tangirala, Additional Secretary of the Ministry of Finance.

Earlier this year, on March 1, 2024, LIC also paid an interim dividend of ₹2,441.45 crore. This brings the total dividend paid to the government for the year 2023-24 to ₹6,103.62 crore.

LIC, which has been in operation for 68 years, has an asset base of over ₹52.85 lakh crore.

LIC, the Life Insurance Corporation of India, has received a notice demanding a penalty of ₹605.5 crore for goods and services tax (GST) for the financial year 2020.

On Thursday, LIC, a state-owned lender, handed over a dividend cheque of ₹3,662.17 crore to Finance Minister Nirmala Sitharaman. The cheque was presented by LIC's CEO and Managing Director, Siddhartha Mohanty, in the presence of M P Tangirala, Additional Secretary of the Ministry of Finance.

Earlier this year, on March 1, 2024, LIC also paid an interim dividend of ₹2,441.45 crore. This brings the total dividend paid to the government for the year 2023-24 to ₹6,103.62 crore.

LIC, which has been in operation for 68 years, has an asset base of over ₹52.85 lakh crore.