ICICI Prudential Life received a show cause cum demand notice from the Directorate General of GST Intelligence for not paying tax of Rs 492.06 crore pertaining to the period July 2017 to July 2022. “We wish to inform that the Company 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 pertaining to the period July 2017 to July 2022 should not be demanded from the Company,” it said in a regulatory filing.
“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,” ICICI Prudential Life further said.
It added that the company will take appropriate steps in due course in reply to the SCN and will contest the matter. During the course of inquiry, ICICI Prudential Life said it had deposited Rs 190 crores, without accepting any liability in this regard.