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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 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.
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.
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.
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%.
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.
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