SBI Life Faces Rs 239.27 Crore GST Demand Notice

SBI Life has been issued a demand notice for Rs 239.27 crore by tax authorities due to short payment of GST for the financial year 2019-20. The notice covers the investment/saving portion of premiums and input credit availment. Interest and penalties have also been levied.

SBI Life has been hit with a staggering Rs 239.27 crore demand notice by tax authorities for shortfall in GST payments for the financial year 2019-20. This comes alongside a notice for interest and penalties, as per the company's regulatory filing.

The Deputy Excise & Taxation Commissioner, Rohtak, Haryana, issued the order which concerns the investment and saving portion of premiums, along with input credit availment, SBI Life stated.

The company disclosed that the demand primarily involves GST dues and added applicable interest and penalties for FY 2019-20.

(With inputs from agencies.)