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Life Insurance Corp. of India ( (IN:LICI) ) has issued an announcement.
Life Insurance Corporation of India has received a demand order from the Deputy Commissioner of State Tax in Mumbai for Goods & Service Tax, interest, and penalties amounting to over INR 2,370 crore for the financial years 2021-22 to 2023-24. This demand arises from an alleged excess claim of Input Tax Credit. While the financial impact is substantial, the company states that there is no material effect on its operations or other activities.
More about Life Insurance Corp. of India
Life Insurance Corporation of India is a prominent player in the insurance industry, offering a range of life insurance products and services. It is a state-owned entity with a significant market presence in India.
Average Trading Volume: 74,025
Technical Sentiment Signal: Sell
Current Market Cap: 5424B INR
For a thorough assessment of LICI stock, go to TipRanks’ Stock Analysis page.