₹429 crore tax bill slapped on ICICI Prudential

ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) announced that it has been issued a tax demand of ₹429.05 crore by the Maharashtra tax authorities.

The company will challenge the GST demand notice with the Commissioner (Appeals), a company said. In addition to the GST demand, the notice also includes interest and penalties, as noted in the post-market exchange filing.

The demand comprises ₹208.02 crore for Goods and Services Tax (GST), ₹200.22 crore for interest, and ₹20.80 crore for penalties.

Other companies too face tax bills

The development follows reports that GST authorities have served notices on numerous corporate entities. A Business Standard report indicates that GST authorities have issued around 20,000 notices throughout India. These notices pertain to the assessment years 2017-18 through 2021-22 and are valued at ₹80,000 crore. 

The tax demand arises from several alleged infractions, including the reversal of input tax credit, discrepancies in ITC/credit notes across different GST returns (GSTR 3B, GSTR 9, and GSTR 2A), and failure to pay tax on certain outward supplies.

On Tuesday, ICICI Prudential Life Insurance Company Ltd's shares closed at ₹743.70 on the BSE, marking an increase of ₹20.55 or 2.84 percent.

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