LIC receives appealable GST and penalty demand of Rs 92.48 crore each

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On the reaction day the stock moved 0.8 pts less than Nifty Midcap 150 and 0.2 pts more than its Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

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AI summary

LIC received a demand from the central GST and excise authority in Jamshedpur for financial year 2021-22, covering GST, interest and penalty for allegedly claiming input tax credit too early under the reverse charge system. GST and penalty are each Rs 92.48 crore. LIC can appeal and says the demand has no material financial or operational impact.

Likely market impact

The demand adds some uncertainty, but LIC says it has no material impact on financials or operations.