SBI Life Insurance has received an order regarding GST from the Deputy Commissioner in Chennai on December 29, 2025. The order pertains to a demand related to the reversal of ITC under Section 17(5) of the CGST Act, 2017, for the financial year 2021-2022. The company intends to file an appeal against the order.
GST Order Details
SBI Life Insurance has been notified of an order concerning Goods and Services Tax (GST) on December 29, 2025. The order was issued by the Deputy Commissioner (ST) -III Large Tax Payers Unit in Chennai.
Financial Implications
The order relates to the reversal of Input Tax Credit (ITC) under Section 17(5) of the CGST Act, 2017, for the fiscal year 2021-2022. The total financial implication is Rs. 70,88,040/- which includes:
* Tax Amount: Rs. 40,15,294/-* Interest: Rs. 26,71,216/-* Penalty: Rs. 4,01,530/-
Company Response
SBI Life Insurance plans to file an appeal against the received order before the appropriate authority. The company is taking necessary steps to address the matter.
Source: BSE
