A Rs 270 crore GST demand notice received by ICICI Pru Life

28 Dec 2023 , 11:31 AM

According to ICICI Prudential Life Insurance, tax authorities have issued a demand notice for Rs 270 crore against the company for allegedly not paying enough GST for the 2017–18 tax year. In order to cover the reversal of input tax credit, difference in GST liability reported in GSTR-1 and GSTR-9, mismatch in ITC claimed in GSTR-3B and GSTR-2A, and interest on GST payment on proposal deposit, the Maharashtra Goods and Service Tax (GST) authority has demanded GST along with applicable interest and penalty for the 2017–18 fiscal year.

The GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore make up the entire demand of Rs 269.86 crore.

ICICI Prudential Life Insurance business stated in a BSE filing, ‘The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines.’

ICICI Lombard General Insurance stated in a separate filing that the Madhya Pradesh state GST administration has sent it a demand notice for suspected underpayment of GST of more than Rs 5.66 crore.

ICICI Lombard General Insurance stated in a regulatory filing that the GST demand of Rs 5,66,02,264 and the penalty of Rs 56,60,226 bring the total demand to Rs 6.22 crore. Moreover, interest would be assessed in accordance with Section 50 of the GST Act.

ICICI Lombard stated, ‘The company will be filing an appeal against the said order.’

It further stated that the GST demand was made based on the computation of the company’s eligible input tax credit and an alleged undischarged tax liability resulting from discrepancies in the company’s filed returns.

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