ICICI Prudential Life receives GST Notice of Rs.270 crore:

ICICI Prudential Life receives GST Notice of Rs.270 crore ICICI Prudential Life Insurance said on Wednesday that tax authorities have issued a tax demand notice for Rs.270 crore for alleged GST shortfall in 2017-18. The Maharashtra Goods and Services Tax (GST) authority has demanded GST, as well as applicable interest and penalties, for the 2017-18 financial year for 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 entire demand of Rs 269.9 crore includes Rs.119.6 crore in GST, Rs.138.3 crore in interest, and Rs.12 crore in penalties. "The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines," stated ICICI Prudential Life Insurance business in a BSE filing.