ICICI Prudential Life Insurance Faces ₹20.50 Crore GST Demand for FY2019

10 Apr 2024 , 12:37 PM

ICICI Prudential Life Insurance Company Ltd (ICICI Pru) disclosed receiving a Goods and Services Tax (GST) demand order amounting to ₹20.50 Crore for the financial year 2018-19. The demand, issued under Section 73 of the GST Act, 2017, was received from the office of the State Tax Officer in Gujarat on April 9, 2024.

ICICI Prudential, in a regulatory filing, confirmed receiving the order on April 9, 2024, at 3:32 p.m., as per the Gujarat Goods and Services Tax Act, 2017.

The notice cited a discrepancy in GST Input Tax Credit reported on the GST portal (Form GSTR-2A) compared to what was declared in Form GSTR-9 for FY2019. Consequently, the authority has imposed a demand for the outstanding GST, along with applicable interest and penalties.

ICICI Prudential has filed an appeal before the Commissioner (Appeals) within the stipulated timelines in response to the order.

On the stock market, shares of ICICI Prudential Life Insurance Company Ltd closed at ₹625.15, registering a marginal decline of 0.02%, on the BSE.

ICICI Prudential Life Insurance Company Limited, established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, is a prominent Indian life insurance company engaged in life insurance and asset management business.

In 2016, ICICI Prudential became the first insurance company in India to be listed on domestic stock exchanges. It commenced operations in 2001 as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited.

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