SBI Life receives GST order; faces potential INR 30k impact

** SBI Life Insurance Company (SBILIFE) announced today that it has received an order under Section 73 of the UTGST and CGST Act 2017 from the Deputy Commissioner, Roorkee, Uttarakhand, on February 22, 2025, at 11.24 am. The order pertains to the fiscal year 2020-21 and involves issues related to disallowed input tax credit (ITC), blocked credit under Section 17(5) of the CGST Act 2017, mismatches in ITC claims between GSTR 3B and GSTR 2A, and ineligible ITC on inward supplies from invalid suppliers. The total financial impact, including tax, interest, and penalty, amounts to ₹30,33,244. Specifically, the tax amount is ₹27,57,493, with an additional penalty of ₹2,75,751. SBI Life intends to file an appeal before the Competent Authority/ Appellate Tribunal against the order, in accordance with the applicable provisions under the Goods and Service Tax Act.