ICICI Prudential Life receives Rs.429 Crore GST Demand Notice from Maharashtra Tax Authority

ICICI Prudential Life Insurance Company Ltd disclosed that it received a tax demand of Rs.429.05 crore from the Deputy Commissioner of State Tax in Maharashtra on Tuesday, August 27.

According to the statement, the company would contest the GST demand notice before the Commissioner (Appeals) within the term specified. In addition to the GST demand, the notice contains interest and penalties, as specified in the post-market exchange filing.

“Please be aware that the company has received an order under Section 73 of Maharashtra GST Act, 2017 from Deputy Commissioner of State Tax, Maharashtra State, on August 26, 2024, at 8:19 p.m. for FY 2020,” according to the filing.

The demand includes Rs.208.02 crore for Goods and Services Tax (GST), Rs.200.22 crore for interest, and Rs.20.80 crore in penalties. This order, issued under Section 73 of the Maharashtra GST Act of 2017, was sent to the company on August 26, 2024.

The development comes after allegations that GST authorities had sent notices to various corporate entities. According to a report, GST authorities throughout India have issued over 20,000 notices. These notices cover the assessment years 2017-18 through 2021-22 and are worth Rs.80,000 crore, according to the report.

The tax demand stems from a number of claimed breaches, including the reversal of input tax credit, differences in ITC/credit notes across GST return forms (GSTR 3B, GSTR 9, and GSTR 2A), and failure to pay tax on some outward supplies.

“Please further note that the company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines,” the company stated.

ICICI Prudential Life Insurance Company Ltd’s shares closed at Rs.743.70 on the BSE, up Rs.20.55, or 2.84%.