ICICI Prudential receives GST and penalty order of Rs 835 cr

ICICI Prudential Life Insurance has received a GST and penalty order of Rs 835 crore from Maharashtra's State Tax department, the company informed the exchanges on Tuesday.

"The Authority has demanded GST along with applicable interest and penalty for FY2019," ICICI Pru said.

The order includes violations pertaining to reversal of input tax credit as per GST Law, mismatch in ITC claimed in GSTR -3B, GSTR-9 and GSTR 2A; non-payment of tax on sale of fixed assets and interest on GST payment on proposal deposit.


As per the details provided to exchanges, the GST amounts to Rs 380 crore. Meanwhile, penalty and interest applicable amounted to Rs 416 crore and Rs 38 crore respectively.