SBI Life has received an order from the Joint Commissioner of CGST & MPGST Authority regarding GST matters for Financial Years 2018-2019 to 2023-2024. The total amount related to the order is ₹68,76,89,564. SBI Life intends to file an appeal before the appropriate authority.
Order Details
SBI Life received an order on November 26, 2025 at 12:25 pm from the Joint Commissioner of CGST & MPGST, Bhopal, concerning potential GST-related issues.
Violation Summary
The order addresses several issues including:
- GST charged on Income reported in Table 5(0) of GSTR-9C on account of ULIP & Other Charges.
- Non-reversal of ITC on credit notes.
- ITC claimed from GSTR-3B non-filers, Cancelled dealers, late return filers etc.
- Mismatch in ITC claimed in GSTR 3B and GSTR 2A.
Financial Impact
The total amount pertaining to the order is ₹68,76,89,564 which includes:
- Tax Amount: ₹62,31,15,300
- Interest: As per section 50 of CGST Act, 2017 (Not Quantified)
- Penalty: ₹6,45,74,264
Next Steps
SBI Life intends to file an appeal before the Competent Authority/ Appellate Tribunal against the order.
Source: BSE