A Rs. 270 crore GST demand notice is received by ICICI Pru Life

 A Rs. 270 crore GST demand notice is received by ICICI Pru Life

 A Rs. 270 crore GST demand notice is received by ICICI Pru Life

The GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore make up the whole demand of Rs 269.86 crore.

ICICI Prudential's shares ended the day at Rs 526.55, up 0.56% from the previous close on the BSE.

Tax officials allegedly handed ICICI Prudential Life Insurance a demand notice for Rs 270 crore for underpayment of GST for the 2017–18 tax year on Wednesday.

The Maharashtra Goods and Services Tax (GST) authority has requested that the GST input tax credit be reversed, including with any relevant interest and penalties, for the 2017–18 fiscal year; Interest on GST paid on offer deposits; discrepancy between the GST liabilities reported in GSTR-1 and GSTR-9; and inconsistency between the ITC claimed in GSTR-3B and GSTR-2A.

The GST of Rs 119.56 crore, interest of Rs 138.34 crore, and penalty of Rs 11.95 crore make up the whole demand of Rs 269.86 crore.

ICICI Prudential Life Insurance firm said in a BSE filing that "the company will file an appeal against the said order before the Commissioner (Appeals) within the prescribed time limit."

ICICI Prudential's shares ended the day at Rs 526.55, up 0.56% from the previous close on the BSE.

ICICI Lombard General Insurance said in a separate filing that it has been served with a demand notice by the state GST department of Madhya Pradesh for the purported underpayment of GST amounting to more than Rs 5.66 crore.

ICICI Lombard General Insurance said in a regulatory filing that the GST demand of Rs 5,66,02,264 and the penalty of Rs 56,60,226 bring the total demand to Rs 6.22 crore. In addition, interest will be assessed in accordance with GST Act Section 50.

ICICI Lombard said, "The company will file an appeal against the said order."

The demand for GST has been made, according to the statement, on the basis of an alleged tax burden resulting from a discrepancy between the company's filed return and the computation of input tax credit eligibility.

On the BSE, shares of ICICI Lombard ended the day at Rs 1,411.25, down 0.35 percent.