ICICI Prudential Life Insurance
ICICI Prudential Life Insurance

ICICI Pru Life Gets GST Demand Notice Of Rs 270 Cr

ICICI Prudential Life Insurance faces a GST demand notice of Rs 270 crore for fiscal year 2017-18, citing discrepancies in tax filings and input tax credit. The firm plans to appeal the order as shares see a slight increase. ICICI Lombard also contends with a GST notice of over Rs 6 crore.

ICICI Prudential Life Insurance on Wednesday said tax authorities have slapped a demand notice of Rs 270 crore on it for alleged short payment of GST for 2017-18.

The Maharashtra Goods and Service Tax (GST) authority has demanded GST along with applicable interest and penalty for 2017-18 fiscal for reversal of input tax credit; difference in GST liability filed in GSTR-1 and GSTR-9; mismatch in ITC claimed in GSTR-3B and GSTR-2A; and interest on GST payment on proposal deposit.

The total demand of Rs 269.86 crore includes GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore.

"The company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines," ICICI Prudential Life Insurance Company said in a BSE filing.

Shares of ICICI Prudential settled at Rs 526.55 apiece, up 0.56 per cent over previous close on the BSE.

In a separate filing, ICICI Lombard General Insurance said it has received a demand notice for alleged short payment of GST of over Rs 5.66 crore from Madhya Pradesh state GST department.

In a regulatory filing, ICICI Lombard General Insurance said the GST demand of Rs 5,66,02,264 and penalty of Rs 56,60,226 takes the total demand to Rs 6.22 crore. Also, an interest under Section 50 of the GST Act would be levied.

"The company will be filing an appeal against the said order," ICICI Lombard said.

The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, it added.

Shares of ICICI Lombard closed at Rs 1,411.25 apiece, down 0.35 per cent on the BSE.

Related Stories

No stories found.
logo
Outlook Business & Money
business.outlookindia.com