ICICI Prudential faces INR 366.7m tax demand

ICICI Prudential Life Insurance Company (BSE:ICICIPRULI) announced that it has received an order from the Commissioner of CGST & Central Excise (Appeals), Mumbai, upholding a tax demand related to the denial of service tax credits migrated to the Goods and Services Tax (GST) regime for the fiscal year 2018. The total financial implication amounts to INR 366,722,711, comprising INR 183,355,550 in GST, INR 1,611 in interest (with an unspecified portion of interest still to be calculated), and a penalty of INR 183,355,550. The company intends to file an appeal against the order before the appropriate authority. The company clarified that it believes the above-mentioned development does not have an impact at this stage.