LI Network
Published on: December 28, 2023 at 13:50 IST
ICICI Prudential Life Insurance disclosed that tax authorities have issued a demand notice of Rs 270 crore, alleging a shortfall in Goods and Services Tax (GST) payment for the fiscal year 2017-18.
The Maharashtra GST authority is seeking GST payment, along with applicable interest and penalties, pertaining to various discrepancies, including the reversal of input tax credit, variations in GST liability reported in GSTR-1 and GSTR-9, disparities in Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, and interest on GST payment on proposal deposit.
The total demand of Rs 269.86 crore comprises GST of Rs 119.56 crore, interest of Rs 138.34 crore, and a penalty of Rs 11.95 crore. ICICI Prudential Life Insurance Company announced its intention to appeal the order before the Commissioner (Appeals) within the stipulated timelines. The company’s shares settled at Rs 526.55 apiece, marking a 0.56% increase over the previous close on the BSE.
In a separate filing, ICICI Lombard General Insurance reported receiving a demand notice for an alleged GST shortfall exceeding Rs 5.66 crore from the Madhya Pradesh state GST department.
The demand includes a GST amount of Rs 5,66,02,264, a penalty of Rs 56,60,226, and potential interest under Section 50 of the GST Act, bringing the total demand to Rs 6.22 crore.
ICICI Lombard expressed its intention to file an appeal against the order, stating that the GST demand is based on the computation of eligible input tax credit and alleged undischarged tax liability due to differences in the company’s filed returns.
ICICI Lombard’s shares closed at Rs 1,411.25 apiece, reflecting a 0.35% decrease on the BSE.