ICICI Prudential Life Insurance Gets Rs 492 Crore GST Demand Notice

ICICI Prudential Life Insurance Co. has been served a Goods and Services Tax show cause-cum-demand notice for Rs 492.06 crore by the Directorate General of GST Intelligence.

"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," the company said in an exchange filing.

The insurance provider said that it will take "appropriate steps in due course in reply to the notice and contest the matter". During the course of the inquiry, it has deposited Rs 190 crore without accepting any liability.

The matter relates to the period from July 2017 to July 2022, the notice said.

On June 23, HDFC Life Insurance Co. said that it had also received a similar demand for Rs 942 crore. The matter relates to claiming input tax credit against the supply of services that the GST Intelligence Authority considers ineligible for such claims.