• Notification Date: 02-07-2023
• Notification No: N/A

ICICI Prudential Life gets Demand Notice for GST Liability of Rs 492 crore

Unpaid taxes accumulating to Rs 492.06 crore has drawn ICICI Prudential under glare of GST authorities. 

The life insurance major has received a show-cause-cum-demand notice from the Directorate General of GST Intelligence for not paying taxes from July 2017 to July 2022. 

The company said it will contest the matter by following appropriate procedure. ICICI Prudential believes it was eligible for GST credit compliance as per the GST Act, 2017. The company also deposited Rs 190 crore without accepting liability in this case. 

"The company shall take appropriate steps in due course to reply to the SCN and contest the matter," ICICI Prudential said in a notice to stock exchanges. "The matter largely relates to an industry-wide issue of input tax credit and the company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws".