However, in both the cases, the life insurer will file an appeal against the unfavourable orders before appropriate authority in due course and there are no financial implication for the company at this stage, the company said in an exchange filing on Thursday.
Mumbai:ICICI Prudential Life Insurance has lost cases against the tax(Goods and Services Tax) authorities which may cause a pay out of Rs 1200 crore, including interest and penalties,from the company.
In one case the Commissioner of CGST and Central Excise (Appeals-III), Mumbai, dismissed insurer’s appeal on Thursday and upheld the tax demand originally raised under Form GST DRC-07. The demand is linked to reversal of input tax credit under GST law for the period from July 2017 to July 2022.
In another case(appeal petition), the Joint Commissioner of State Tax, Appellate Authority, Maharashtra, on February 18 has partially allowed in the insurer’s favour and partially upholding the tax demand.
However, in both the cases, the life insurer will file an appeal against the unfavourable orders before appropriate authority in due course and there are no financial implication for the company at this stage, the company said in an exchange filings on Wednesday and Thursday .