ICICI Prudential Faces Rs 20.50 Crore GST Demand for FY 2019



Quick Summary
ICICI Prudential Life Insurance has been issued a Goods and Services Tax (GST) demand order for Rs 20.50 crore concerning the financial year 2018-19. The demand, from Gujarat's State Tax Officer, relates to discrepancies between input tax credit declared and reported on the GST portal. The company has promptly filed an appeal with the Commissioner (Appeals) to address the demand, interest, and penalties.

ICICI Prudential Life Insurance Company Ltd disclosed on Tuesday, April 9, 2024, that it has been served with a Goods and Services Tax (GST) demand order amounting to Rs 20.50 crore for the financial year 2018-19. The demand, issued under Section 73 of the GGST Act, 2017, originated from the office of the State Tax Officer in Gujarat. The demand order, received at 3:32 p.m., April 9, 2024, cited a variance in GST Input Tax Credit as documented on the GST portal (Form GSTR-2A) in compariso
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FAQ :

ICICI Prudential Life Insurance faces a Goods and Services Tax (GST) demand order amounting to Rs 20.50 crore.

The GST demand is for the financial year 2018-19.

The demand order was issued by the State Tax Officer in Gujarat.

The demand is due to a variance in GST Input Tax Credit as documented on the GST portal (Form GSTR-2A) compared to what was declared in Form GSTR-9 for FY 2019.

ICICI Prudential has lodged an appeal before the Commissioner (Appeals) within the stipulated timelines.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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