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ICICI Prudential Faces ₹429 Cr Tax Demand from Maharashtra Authority

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Synopsis:

ICICI Prudential Life Insurance has received a ₹429 crore tax demand from Maharashtra's GST authority for FY2020. The demand includes GST, interest, and penalties. The company plans to appeal the decision. ICICI Prudential share price closed at ₹745 on Tuesday.

ICICI Prudential Life Insurance News Today

ICICI Prudential Life Insurance Company Limited (ICICI Pru Life) has been hit with a tax demand totaling ₹429.05 crore from the Deputy Commissioner of State Tax, Maharashtra. The tax demand pertains to the fiscal year 2020 and was communicated to the company on August 26, 2024.

Details of the Tax Demand

The tax order, issued under Section 73 of the Maharashtra GST Act, 2017, includes ₹208.02 crore in Goods and Services Tax (GST), ₹200.22 crore in interest, and ₹20.80 crore in penalties. The demand is based on several alleged violations, including:

  • Reversal of input tax credit (ITC)

  • Discrepancies in ITC/credit notes between various GST returns (GSTR 3B, GSTR 9, and GSTR 2A)

  • Non-payment of tax on certain outward supplies

The order signifies a major compliance challenge for ICICI Prudential, as it scrutinises the accuracy and consistency of its tax filings for the said period.

ICICI PRU LIFE INS CO LTD

Trade

684.2-7.75 (-1.12 %)

Updated - 13 December 2024
692.25day high
DAY HIGH
675.60day low
DAY LOW
828354
VOLUME (BSE)

ICICI Prudential’s Response and Legal Action

In response to this order, ICICI Prudential Life Insurance has announced its intention to challenge the demand. The company stated in its stock exchange filing that it plans to file an appeal against the order before the Commissioner (Appeals) within the prescribed timelines.

The appeal process is a crucial step for the company as it seeks to mitigate the financial impact of this significant tax demand.

ICICI Prudential Share Price Performance

On the same day as the tax demand news, ICICI Prudential share price closed at ₹745, reflecting a gain of 3.01%. The stock has shown strong performance over the past 12 months, delivering a return of 35.91%.

Implications for ICICI Prudential

The ₹429 crore tax demand represents a substantial financial liability for ICICI Prudential. While the company prepares for a legal battle, the outcome of the appeal will be closely watched by investors and market analysts. Investors will be keen to see how the appeal unfolds and its implications for the ICICI Prudential share price.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

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