ICICI Prudential Life Insurance Co. received a goods and service tax demand (with interest and penalties) worth up to Rs 421 crore due to alleged violations of regulatory norms, according to a notice issued by the Deputy Commissioner of State Tax, Maharashtra.
The amount demanded for GST was Rs 208 crore, interest charged was around Rs 200 crore and the penalty applied was about Rs 20.8 crore, aggregating to a sum total of Rs 420.8 crore.
The norms that were allegedly violated include, reversal of input tax credit as per GST Law, mismatch in ITC/credit note, and non-payment of tax of certain outward supplies nature and details of the action(s) taken, initiated or order(s) passed.
The Maharashtra Tax Authority has demanded GST along with the appropriate interest and penalty.
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