ICICI Prudential Faces Allegations of Rs 492.06 Crore Unpaid Taxes by GST Authorities

27 Jun 2023 , 10:21 AM

ICICI Prudential, a prominent life insurance company, is under scrutiny by the GST authorities due to unpaid taxes amounting to Rs 492.06 crore.

The Directorate General of GST Intelligence has issued a show-cause-cum-demand notice to ICICI Prudential, accusing the company of failing to pay taxes between July 2017 and July 2022. ICICI Pru intends to challenge the allegations by following the appropriate procedure and defending its position.

The company believes it complied with GST Act 2017, and was eligible for GST credit compliance.  As a precautionary measure, ICICI Pru has already deposited Rs 190 crore without accepting any liability regarding the case.

In a notice to stock exchanges, ICICI Pru stated that it would take the necessary steps to respond to the show-cause notice and contest the matter. The company emphasizes that the issue is largely related to an industry-wide concern regarding input tax credits.ICICI Pru maintains that it availed eligible input GST credit in accordance with the provisions of the Central Goods and Services Tax Act, 2017, and other relevant laws.

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