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ICICI Prudential Faces Rs 20.50 Crore GST Demand for FY 2019

Last updated: 12 April 2024


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.

 ICICI Prudential Faces Rs 20.50 Crore GST Demand for FY 2019

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 comparison to what was declared in Form GSTR-9 for FY 2019. Consequently, the authority has imposed a demand for the overdue GST, coupled with applicable interest and penalties.

ICICI Prudential, in compliance with the order promptly lodged an appeal before the Commissioner (Appeals) within the stipulated timelines. Despite this development, shares of ICICI Prudential Life Insurance Company Ltd concluded at Rs 623.55 on the Bombay Stock Exchange (BSE), marking a decrease of Rs 4.70, or 0.75%

The regulatory filing by ICICI Prudential underscores the company's proactive approach in addressing the GST demand order. Stay tuned for further updates as the appeal process progresses.

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