ICICI Pru Life Faces Rs 3.67 cr GST Tax Order

New Delhi, Apr 18 (PTI) ICICI Prudential Life Insurance on Friday said it has received an order from GST Commissioner (Appeals) upholding tax demand of about Rs 3.67 crore.

On July 2, 2024, Central Goods and Service Tax (CGST) authorities in Mumbai had passed an order in this regard. The order denied part of service tax credit, which the company migrated to the GST regime in the 2017-2018 fiscal year, when GST was launched.

Subsequently, the company had filed an appeal before the Commissioner (Appeals).

In a regulatory filing, ICICI Prudential said "the company has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, on April 17 upholding the tax demand".

The order includes GST liability of over Rs 1.83 crore and penalty of an equal amount.

"The company shall file an appeal against the said order before appropriate authority," ICICI Prudential Life said.