ICICI Prudential Life Insurance has informed the exchanges that it recently received GST demand and penalty worth Rs 429 crore.
In the filing, the company shared, “Company has received an order under Section 73 of Maharashtra GST Act, 2017 from Deputy Commissioner of State Tax, Maharashtra State, on August 26, 2024, at 8:19 p.m. for FY2020.
Please further note that the Company shall file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines.”
Here are the details of the violation
- Reversal of Input tax credit as per GST Law
- Mismatch in ITC/credit note as per GSTR 3B, GSTR 9 and GSTR 2A
- Non-payment of tax of certain outward supplies
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ICICI Prudential Life