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The DGGI issued the notice asking the company to show cause as to why a tax of Rs 492.06 crore pertaining to the period July 2017 to July 2022 should not be demanded from the company.
In a regulatory filing the company stated, “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 insurance company said that it shall take appropriate steps in due course to reply to the SCN and contest the matter. During the course of inquiry, it had deposited Rs 190 crore, without accepting any liability in this regard.
ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.
The life insurer's net profit jumped 27.2% to Rs 234.87 crore in Q4 FY23 as against Rs 184.67 crore posted in Q4 FY22. However, total income declined 16.1% year on year to Rs 11,759.30 in the quarter ended 31 March 2023.
Shares of ICICI Prudential Life Insurance Company rose 0.12% to Rs 564.40 on the BSE.
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