ICICI Prudential Life Insurance Company Ltd receives demand notice from DCGI for Rs. 492.06 crores

ICICI Prudential Life Insurance Company Limited has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the Company to show cause as to why a tax of Rs. 492,06,48,296/- (Rupees Four Hundred Ninety Two Crores Six Lakhs Forty Eight Thousand Two Hundred Ninety Six only) pertaining to the period July 2017 to July 2022 should not be demanded from the Company.

The matter largely relates to an industry wide issue of input tax credit and the Company believes that it has availed eligible input GST credit in compliance with the provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws.

The Company shall take appropriate steps in due course to reply to the SCN and contest the matter.

During the course of inquiry, the Company had deposited Rs. 190 crores (Rupees One Hundred Ninety Crores only), without accepting any liability in this regard.

Shares of ICICI Prudential Life Insurance Company Limited was last trading in BSE at Rs. 563.70 as compared to the previous close of Rs. 556.25. The total number of shares traded during the day was 84314 in over 3502 trades.

The stock hit an intraday high of Rs. 577.65 and intraday low of 551.05. The net turnover during the day was Rs. 47828173.00.

Source : Equity Bulls

Keywords

ICICIPrudentialLifeInsuranceCompany INE726G01019 DCGI ShowcauseNotice DemandNotice GST