ICICI Prudential Life received a notification from the Directorate General of GST Intelligence on Monday regarding the non-payment of taxes amounting to Rs 492.06 crore for five years, from July 2017 to July 2022.
According to an exchange filing by the insurance company, it has been issued a notice by the Directorate General of GST Intelligence in the form of a show cause cum demand notice. The notice requests the company to provide reasons as to why a tax amount of Rs 492.06 crore relating to the period July 2017 to July 2022 should not be requested from the company.
The life insurance company maintains that it has diligently availed eligible input GST credit, adhering to the provisions outlined in the Central Goods and Service Tax Act, 2017, as well as other applicable laws.
The company intends to submit a comprehensive and well-documented response within the stipulated time frame.
During the course of the investigation, the company voluntarily deposited Rs 190 crore despite refuting any liability associated with the DGGI's demand.