SBI Life faces significant tax demand from Bhopal authorities

SBI Life Insurance Company announced on November 26, 2025, that it has received an order from the joint commissioner of CGST & C. Ex. Bhopal, Madhya Pradesh. The order demands a total of INR 68,76,89,564 for the financial years 2018-2019 to 2023-2024. The company stated its intention to file an appeal against this order.

The demand comprises a tax amount of INR 62,31,15,300, unquantified interest under Section 50 of the CGST Act, 2017, and a penalty of INR 6,45,74,264. The alleged violations include GST charged on income reported in Table 5(0) of GSTR-9C for ULIP and other charges, non-reversal of Input Tax Credit (ITC) on credit notes, and ITC claimed from non-filers, cancelled dealers, and late return filers, alongside mismatches in ITC claimed between GSTR 3B and GSTR 2A.