SBI Life Insurance has received an adverse order from the Commissioner (Appeals), Bhopal, confirming a tax demand, including interest, related to a dispute from FY 2019-2020. The original demand, detailed in August 2024, amounted to approximately ₹5.96 crore plus penalty. The company plans to appeal this decision before the Appellate Tribunal, asserting that the order will have no material adverse impact on its financial operations.
Update on Previous Tax Dispute
SBI Life Insurance Company Ltd. provided an update concerning a Goods and Services Tax (GST) matter originally disclosed on August 31, 2024. This initial disclosure related to a tax demand for the Financial Year 2019-2020.
The original demand components were:
- Tax Demand: Rs. 5,95,90,079/-
- Penalty: Rs. 59,94,291/-
- Interest: Interest under Section 50 of the CGST Act, 2017 (quantified later).
Order Received from Appellate Authority
In continuation of the matter, the Company confirms receiving an Order on March 13, 2026, at 6:48 pm, from the Commissioner (Appeals) in Bhopal, Madhya Pradesh. The said Order confirms the total tax demand including interest previously raised by the Joint Commissioner CGST & Central Excise Bhopal.
Appeal Plans and Financial Impact
The management has stated its intention to challenge this decision. The Company shall file an appeal before the Competent Authority/Appellate Tribunal in line with the applicable provisions of the Goods and Service Tax Act.
Crucially, SBI Life assures stakeholders that the Order received will have no adverse material impact on the ongoing financial operations of the Company.
Source: BSE
