ICICI Prudential Life Insurance receives mixed GST appeal order, total demand ₹240.78 Crore
ICICI Prudential Life Insurance received a partially favorable GST appeal order for FY2019. The total demand stands at ₹240.78 crore, comprising ₹97.91 crore GST, ₹133.07 crore interest, and ₹9.80 crore penalty. The company plans to file a further appeal.
The total demand of ₹240.78 crore is a material amount for the company. While there is no immediate impact stated, and the company plans to appeal, the resolution of this tax matter could have financial implications.
The outcome is mixed, with the appeal being partially allowed, resulting in a significant financial demand but also a reduction from the initial potential liability. The company's intent to appeal further suggests ongoing uncertainty.
ICICI Prudential Life Insurance Company Limited has received a significant order from the Joint Commissioner of State Tax, Appeals, Maharashtra, concerning a GST demand for FY2019. The appeal, filed after an initial order by the Deputy Commissioner of State Tax, Maharashtra, was partially allowed in favor of the company, while also upholding a portion of the tax demand.
The total financial implication arising from this order includes GST of ₹97.91 crore, interest of ₹133.07 crore, and a penalty of ₹9.80 crore, aggregating to ₹240.78 crore. The demand is attributed to reasons such as the reversal of input tax credit as per GST Law, mismatches in ITC claims (GSTR-3B, GSTR-2A, and GSTR-9), and non-payment of tax on the sale of fixed assets.
The company has stated that there is no immediate financial impact at this stage and intends to file a further appeal against this order before the appropriate authority. This update is in accordance with SEBI Listing Regulations, requiring timely disclosure of material events.
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