ICICI Prudential Life on Monday got a notice from the Directorate General of GST Intelligence(DGGI) for not paying tax of Rs.492.06 crore for a period of five years starting from July 2017 till July 2022.
The Company said in an exchange filing that it has received a show cause cum demand notice (SCN) from the Directorate General of GST Intelligence (DGGI), asking the Company to show cause as to why a tax of Rs. 492,06,48,296/- (Rupees Four Hundred Ninety Two Crores Six Lakhs Forty Eight Thousand Two Hundred Ninety Six only) pertaining to the period July 2017 to July 2022 should not be demanded from the Company.
“The matter largely relates to an industry-wide 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 further said.
The company shall take appropriate steps in due course to reply to the SCN and contest the matter.
During the course of inquiry, the Company had deposited Rs. 190 crores (Rupees One Hundred Ninety Crores only), without accepting any liability in this regard.
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Updated: 26 Jun 2023, 11:34 PM IST