Quick Summary
ICICI Prudential Life Insurance has received a show-cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI) for an alleged tax liability of Rs 492.06 crore. The notice pertains to the period July 2017 to July 2022. The matter largely relates to an industrywide 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,
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4999
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FAQ :
The alleged GST liability against ICICI Prudential Life Insurance is Rs 492.06 crore.
The notice pertains to the period from July 2017 to July 2022.
The matter largely relates to an industrywide issue concerning input tax credit (ITC).
No, ICICI Prudential has deposited Rs 190 crore without accepting any liability and intends to contest the matter.
The notice was issued by the Directorate General of GST Intelligence (DGGI), Mumbai unit.
The company has deposited Rs 190 crore and has filed a detailed response to the notice, providing relevant documents to the DGGI.
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