ICICI Prudential Life Insurance Company Limited has received an order demanding ₹ 1,90,22,87,884/- under Section 73 of MGST Act, 2017 from Deputy Commissioner of State Tax, Maharashtra State, on February 17, 2025, for FY21, according to the Company’s exchange filing.
The total demand of ₹ 1,90,22,87,884/- includes GST demnad of ₹ 1,02,82,63,720/-; Interest of ₹ 77,11,97,791/- and Penalty of ₹ 10,28,26,373/-.
The GST Authority has demanded GST on the grounds of reversal of Input tax credit as per GST Law; Non-payment of GST on the sale of fixed assets; and Short payment of tax on advance premium received.
The Company is likely to challenge the order before an appropriate authority. “Company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines,” ICICI Prudential Life Insurance Company said in their regulatory filing.
