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SBI Life Insurance Co. Ltd. ( (IN:SBILIFE) ) has issued an announcement.
SBI Life Insurance has disclosed that it received an order under Section 73 of the Central and State GST Acts from the Assistant Commissioner, GSTO, Delhi, partially upholding a tax demand related to the financial year 2021-22. The order, concerning blocked input tax credit under Section 17(5) of the CGST Act and ITC claimed from cancelled dealers, return defaulters and non-payers, results in a total liability of Rs 8.23 lakh, including tax, interest and penalty. While the amount is modest relative to the company’s scale, the case underscores the ongoing regulatory scrutiny around GST compliance for financial institutions; SBI Life has stated it will challenge the order by filing an appeal before the appropriate appellate authority under the Goods and Services Tax framework.
More about SBI Life Insurance Co. Ltd.
SBI Life Insurance Company Ltd. is a leading Indian life insurer, offering a range of life insurance and protection products to retail and corporate customers across the country. The company operates in the regulated financial services sector under the oversight of the Insurance Regulatory and Development Authority of India (IRDAI) and is listed on major Indian stock exchanges, reflecting its significance in the domestic insurance and capital markets.
Average Trading Volume: 58,370
Technical Sentiment Signal: Buy
Current Market Cap: 2024.9B INR
See more data about SBILIFE stock on TipRanks’ Stock Analysis page.