ICICI Prudential Life Insurance has received a GST notice of Rs. 365 crore, including interest. The GST authority has demanded GST along with applicable interest and penalty for the fiscal years 2017-18 to 2022-23 for all GST-registered states. The notice pertains to amounts recovered from insurance agents as per commercial terms, which the department alleges should have been deposited as GST.
ICICI Prudential received this notice on June 27 and plans to file an appeal against the order before the Commissioner of Appeals within the prescribed timelines.
HDFC Life Insurance has informed the stock exchanges about receiving a GST notice of Rs. 132 crore, with interest to be applied as applicable. The alleged violations include the wrongful deduction of amounts towards GST from commissions paid to insurance agents, which should have been deposited with the government. HDFC Life is planning to file an appeal against the order before the appellate authority within the specified period.
