ICICI's insurance company has suffered a major setback. The company has received a notice of Rs 492 crore in a tax-related matter. This notice is related to GST. A show cause cum demand notice has been sent to the insurance company by the Directorate General of GST Intelligence. According to the information, this case is being told between July 2017 and July 2022. It is being said that the company has not paid tax of Rs 492 crore during this period. On the other hand, clarification has been issued by ICICI Prudential Company. The company says that it will follow the entire process and face the case.
ICICI Insurance Company said that it was eligible for GST credit compliance as per the GST Act, 2017. By the way, during the investigation in this case, the company has deposited Rs 190 crore without accepting the allegations. The company itself has given this information to the stock market in its exchange filing.
Case is related to GST
ICICI Prudential Life Insurance Company has received notice related to GST. This notice is said to be related to input tax credit. According to experts, input tax credit means when the time comes to pay tax on output, permission is granted to reduce the tax already paid on inputs. After reducing that tax, the tax balance which is there has to be settled on the output. According to the company, under the CGST Act 2017 and other rules, it can use the input tax credit facility.
What is the status of the shares of the company
On behalf of the company, this information was given to the stock market till late evening. When the market opened on Tuesday, no significant effect of this notice was seen on the shares of the company. According to BSE data, it is trading at Rs 565 with a gain of 0.23 per cent at 11.10 am. During the trading session, the company's stock also hit the day's low of Rs 558.45. By the way, the company's stock opened at Rs 558.45 today and went to the day's high with Rs 570.20. The company's stock had closed at Rs 563.70 a day earlier.
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