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SBI Life Insurance Co. Ltd. ( (IN:SBILIFE) ) has provided an update.
SBI Life Insurance Company has disclosed that it received an order from the Deputy Commissioner, Large Taxpayers Unit, Chennai, under Section 73 of the SGST and CGST Acts, partially upholding a tax demand related to reversal of input tax credit for the financial year 2021-22. The order raises a total demand of about Rs 70.9 lakh, including tax, interest and penalty, and while the amount is not material relative to the company’s scale, SBI Life plans to challenge the order by filing an appeal before the appropriate authority, signaling its intent to contest the tax position while complying with disclosure obligations to the market.
More about SBI Life Insurance Co. Ltd.
SBI Life Insurance Company Limited is a Mumbai-based life insurer offering a range of life insurance and protection products across India. The company operates in the regulated insurance sector under the oversight of the Insurance Regulatory and Development Authority of India (IRDAI) and is listed on Indian stock exchanges, targeting both retail and institutional customers through multiple distribution channels.
Average Trading Volume: 59,032
Technical Sentiment Signal: Buy
Current Market Cap: 2024.9B INR
For a thorough assessment of SBILIFE stock, go to TipRanks’ Stock Analysis page.