SBI Life Insurance Company Limited has informed the Exchange about General Updates
SBILIFE · price
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SBI Life Insurance has received an appellate order from the Joint Commissioner of State Tax (Appeal) I, Mumbai, regarding a GST demand originally raised in April 2024 for FY 2018-19. The original total demand was Rs. 288.67 crore, comprising Rs. 131.50 crore in tax, Rs. 144.02 crore in interest, and Rs. 13.15 crore in penalty. The appellate authority has granted partial relief, reducing the total confirmed demand to Rs. 159.45 crore, with tax now at Rs. 63.36 crore, interest at Rs. 89.75 crore, and penalty at Rs. 6.34 crore. The issues relate to non-reversal of input tax credit on securities transactions, mismatch between GSTR 3B and GSTR 2A claims, and input credit claimed on blocked credits. The company plans to file a further appeal before the Appellate Tribunal.
Positive development for shareholders as the demand has been cut by roughly Rs. 129 crore (about 45% reduction), but a significant liability of Rs. 159.45 crore still stands. Further appeal could reduce this further or eliminate it, but until resolved, it remains a contingent liability. Investors should monitor the next appellate outcome.