SBI Life Insurance Faces ₹27.6 Lakh Tax Demand with Penalty for FY 2020-21

SBI Life Insurance has received a tax demand notice under Section 73 of the TNGST and CGST Act, 2017, from the Deputy Commissioner (CT) in Tamil Nadu. The order, issued on November 7, 2024, includes a GST demand of ₹27,60,357, along with interest under Section 50 of the CGST Act, 2017, and a penalty of ₹2,76,036.

The demand arises from SBI Life’s claiming of input tax credit (ITC) for an ISD invoice for March 2020 in GSTR-3B for June 2020. SBI Life Insurance intends to appeal this order before the Appellate Tribunal under the GST Act.

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