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The latest announcement is out from SBI Life Insurance Co. Ltd. ( (IN:SBILIFE) ).
SBI Life Insurance has disclosed that it received an order under Section 73 of the MGST and CGST Acts from the Deputy Commissioner of State Tax in Mumbai, raising a demand related to mismatches in input tax credit claimed in its GST returns for the financial year 2021-22. The order imposes a total demand of approximately Rs 14.68 crore, comprising tax of about Rs 7.91 crore, interest of about Rs 5.98 crore and a penalty of about Rs 0.79 crore; the company has stated it will challenge this demand by filing an appeal before the appropriate appellate authority, indicating that the final financial impact remains subject to the outcome of the appeal process.
More about SBI Life Insurance Co. Ltd.
SBI Life Insurance Company Ltd. is a leading Indian life insurer headquartered in Mumbai, offering a range of life insurance and protection products to retail and corporate customers. The company operates under the regulatory oversight of the Insurance Regulatory and Development Authority of India (IRDAI) and is listed on major Indian stock exchanges, reflecting its significant presence in the country’s financial services sector.
Average Trading Volume: 59,231
Technical Sentiment Signal: Buy
Current Market Cap: 2029.7B INR
For detailed information about SBILIFE stock, go to TipRanks’ Stock Analysis page.