LIC gets GST notice of Rs 605 crore

LIC has received a GST notice amounting to Rs 294 crore and a penalty of Rs 29.4 crore from the Deputy Commissioner of State Tax in Mumbai for incorrect availment and short reversal of ITC and interest on late payments. The company also faces an interest charge of Rs 281 crore. LIC states there is no significant impact on its financials or operations.