SBI Life to appeal $14.67m tax demand

SBI Life Insurance Company has received an order from the Deputy Commissioner of State Tax, Fort_501, Fort Div, Mumbai. The order, issued on December 26, 2025, raises a demand for GST along with applicable interest and penalty for the financial year 2021-2022.

The demand stems from an alleged mismatch in Input Tax Credit (ITC) claimed in GSTR 3B and GSTR 2A. The total financial impact on the company is quantified at INR 14,67,51,551. This comprises a tax amount of INR 7,90,89,234, interest of INR 5,97,53,394, and a penalty of INR 79,08,923.

SBI Life has announced its intention to file an appeal against this order before the Competent Authority/Appellate Tribunal, in accordance with the provisions of the Goods and Service Tax Act.