ICICI Prudential and HDFC Life Receive GST Notices

By: Admin
June 29, 2024
Categories: GST Recent News
4 Min Read

ICICI Prudential Life Insurance has been issued a GST notice for Rs. 365 crore, inclusive of interest, by the GST authority. The notice, received on June 27, covers the fiscal years from 2017-18 to 2022-23 and pertains to all GST-registered states. The authority claims that the amounts recovered from insurance agents as per commercial terms should have been deposited as GST. ICICI Prudential intends to challenge the order before the Commissioner of Appeals within the stipulated timeframe.

Similarly, HDFC Life Insurance has announced receiving a GST notice for Rs. 132 crore, with applicable interest, for alleged violations. The GST authority alleges that HDFC Life incorrectly deducted amounts towards GST from commissions paid to insurance agents, which should have been remitted to the government. HDFC Life is preparing to file an appeal against the order before the appellate authority within the given period.

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