Mumbai, April 18 (IANS). ICICI Prudential Life Insurance said on Friday that the company has received the Goods and Services Tax (GST) demand notice of Rs 3.67 crore.
The company further said that this notice has been given by the GST Commissioner (Appeal) of Mumbai.
This is related to the dispute over Netis Service Tax Credit, which the company forwarded by the company in 2017 when the GST system was implemented.
The company said in the regulatory filing, “The company received an order from CGST and Central Excise (Appeal) Commissioner of Mumbai on 17 April, in which tax demand has been retained.
Earlier, on July 2, 2024, the State Goods and Services Tax (CGST) department in Mumbai passed an order and rejected the share of the service tax credit, which the company transferred to the GST framework during the 2017-18 financial year.
After this, ICICI Prudential appealed to the GST Commissioner. However, the company has now been given the GST demand notice again, including the amount of penalty along with the liability.
ICICI Prudential Insurance said in the exchange filing, “The company has received an order from CGST and Central Customs Commissioner (Appeal) of Mumbai on 17 April, 2025 at 2.22 pm, to upheld tax demand.”
There is a tax liability of Rs 1.83 crore in the demand notice, while there is a fine of the same amount, due to which the company has been given a tax notice of Rs 3.67 crore.
The company said, “We declare that the information and details given in Annexer A in compliance with the regulation 30 (13) of the SEBI Listing Regulations are true, correct and complete according to our best knowledge and belief.”
ICICI Prudential Life said it is planning to challenge the order. The company will file an appeal against the said order before the appropriate authority.
-IANS
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