ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED ICICI Prudential Life Insurance Company Limited received an order under Section 73 of Andhra Pradesh Goods and Service Tax Act, 2017 from the office of Deputy Commissioner of State Tax, Andhra Pradesh, on April 29, 2024. Details of the violation(s)/contravention(s) committed or alleged to be committed; Demand for FY2019 due to: Tax on reinsurance commission received by the taxpayer; Excess claim of Input tax credit as per Section 16 and Section 17; and Tax on reverse charge to be paid by the taxpayer. Nature and details of the action(s) taken, initiated or order(s) passed; The Authority has demanded GST along with applicable interest and penalty for FY2019.
Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible; GST - INR 109,598,204. Interest- INR 100,151,739. Penalty - INR 10,959,821.
Total - INR 220,709,764.
