SBI Life Insurance Company Receives GST Demand of Rs 5.95 Crore; Says No Impact on Operations

SBI Life Insurance Company Limited has disclosed that it has received a GST order imposing a tax demand amounting to Rs 5.95 Crore, along with interest under Section 50 of the CGST Act, 2017 (not quantified), and a penalty of about Rs 59.94 lakh. The order has been issued by the Joint Commissioner, CGST & Central Excise, Bhopal, Madhya Pradesh, Department of Goods and Services Tax and belongs to the Finance Year 2019-20. The company had received the said order on August 31, 2024.

The company further disclosed that it received another order on March 13, 2026, at 6.48 pm, issued by the Commissioner (Appeals), Bhopal, Madhya Pradesh, confirming the earlier imposed tax demand, including the applicable interest, mentioned in the original order issued by the tax authority.

The company says that it is not satisfied with the GST order and imposed tax demand and is planning to challenge the same before the appropriate authority or appellate tribunal, following the provisions of the Goods and Services Tax Act. Further clarifies that the present action does not impact its financial, operational, or other activities.

The company has disclosed the aforementioned details through a regulatory filing dated March 13, 2026, addressed to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), issued under Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.