ICICI Prudential slapped with Rs 429 crore GST notice

ICICI Prudential Life Insurance Company said on Tuesday that it had received a GST demand notice to the tune of Rs 429 crore (including interest and penalty). The Maharashtra GST Authority demanded GST from the company along with applicable interest and penalty. 

In a regulatory filing post-market hours on August 27, the private sector life insurer said the said order was received at 8:19 pm on Monday, August 26 for FY2020

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The total demand comprised GST of Rs 208.02 crore, interest of Rs 200.2 crore and penalty of Rs 20.8 crore. 

The notice was issued over the following, according to the company:

• 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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The company noted that the order was issued under Section 73 of the Maharashtra GST Act, 2017, from Maharashtra's Deputy Commissioner of State. 

ICICI Prudential Life Insurance said it would file an appeal against the said order before the Commissioner (Appeals) within the prescribed timelines.

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Earlier on Tuesday, ICICI Prudential Life Insurance Company (ICICIPRULI) shares ended 2.8 per cent higher at Rs 743.7 apiece on BSE.