ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) announced that it has been issued a tax demand for ₹429.05 crore by the Deputy Commissioner of State Taxes in Maharashtra on Tuesday, August 27.
The company will challenge the GST demand notice before the Commissioner (Appeals) within the prescribed period, the statement said. In addition to the GST demand, the notice also includes interest and penalties, as stated in the post-market filing.
“This is to inform you that the company has received an order under Section 73 of the Maharashtra GST Act, 2017 from the Deputy Commissioner of State Taxes, State of Maharashtra, on 26th August, 2024 at 8:19 pm for the financial year 2020 (sic),” the company said in the filing.
The demand includes ₹208.02 crore for goods and services tax (GST), ₹200.22 crore in interest and ₹20.80 crore as penalties. This order, issued under Section 73 of the Maharashtra GST Act, 2017, was issued to the company on August 26, 2024.
The development comes in the wake of reports that the GST authorities have sent notices to numerous corporate entities. A Business Standard report states that the GST authorities have issued around 20,000 notices across India. These notices are for the assessment years 2017-18 to 2021-22 and are valued at ₹80,000 crore rupees, the report said.
The tax demand arises out of various alleged violations including reversal of input tax credit, discrepancies in ITC/credit notations in different GST returns (GSTR 3B, GSTR 9 and GSTR 2A) and non-payment of tax on certain external supplies.
“It is further requested that the company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed time limits,” the company said.
ICICI Prudential Life Insurance The company’s shares closed at ₹743.70 on the Boston Stock Exchange, which represents an increase of ₹20.55 or 2.84 percent.
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