The Life Insurance Corporation of India, the country's largest insurance company, has received a Rs 2,050-crore service tax notice from the Directorate-General of Goods & Services Tax Intelligence (DGGI).
Tax officials said the notice was issued by the DGGI's Kolkata zonal office for alleged "suppression of facts with intent to evade payment of service tax" on forfeited policies (policies discontinued because of non-payment of premium). The DGGI notice to LIC was for non-payment of ..