ICICI Prudential Life Insurance has received a notice from the Directorate General of GST Intelligence (DGGI) regarding an alleged GST liability of Rs 492 crore. The notice was issued in September 2022, and the company has denied any wrongdoing.
The DGGI claims that ICICI Prudential wrongly claimed input tax credit (ITC) on certain expenses. However, the company maintains that after reviewing its records, it has not made any improper ITC claims.
The investigation into the matter is ongoing, and it is uncertain when a final decision will be reached. In the event that the DGGI’s allegations are substantiated, ICICI Prudential may be required to pay the full amount of the GST liability, along with interest and penalties.
The company has said that it is contesting the matter and is confident that it will be able to clear its name.
It is important to note that the DGGI’s allegations have not been proven, and ICICI Prudential has denied any wrongdoing. The matter is currently under investigation, and it is not clear when a final decision will be made.
