ICICI Prudential Fined ₹6.89 Cr Due To Mismatch In GST Credit

ICICI Prudential Lie Insurance Company Limited has been fined Rs 6,89,15,584 by the deputy commissioner of state tax, Maharashtra, department of goods and service tax, the company announced through an exchange filing. The company however added that it will file an appeal against the order before the commissioner (Appeals) within the prescribed timeline.

The authority demanded GST along with applicable interest and penalty due to mismatch in GST Input Tax Credit as appearing on GST portal (Form GSTR-2A) vis-a-vis claim in Form GSTR-3B.

The company is expected to pay GST of Rs 3,32,76,477, interest of Rs 3,23,11,460 and a penalty of Rs 33,27,647.

ICICI Prudential received the order under Section 73 of Central Goods & Services Tax Act, 2017 (CGST Act, 2017) / the Maharashtra Goods & Services Tax Act, 2017 (SGST Act, 2017) read with Section 20 of Integrated Goods & Services Tax Act, 2017 (IGST Act, 2017) from Deputy Commissioner of State Tax, Maharashtra State, Department of Goods and Services Tax on September 18, 2023.

ICICI Prudential shares

The shares of ICICI Prudential Life Insurance Company on Monday closed at Rs 601.40, up by 1.08 per cent.