New Delhi: SBI Life Insurance Company on Thursday said it has received a tax order from the Maharashtra GST department raising a demand of ₹1,467.5 crore, including tax, interest and penalty, for the financial year 2021–22.
In a regulatory filing, the insurer said the Deputy Commissioner of State Tax, Fort Division, Mumbai, issued the order under Section 73 of the CGST and MGST Acts, citing a mismatch in input tax credit (ITC) claimed in GSTR-3B vis-à-vis GSTR-2A returns.
The demand comprises a tax amount of ₹790.9 crore, interest of ₹597.5 crore and a penalty of ₹79.1 crore, taking the total exposure to ₹1,467.5 crore, according to details shared by the company.
SBI Life said it will file an appeal before the competent authority or appellate tribunal under the applicable provisions of the GST law. The company did not quantify the immediate financial impact, indicating that the matter is under dispute and will be contested.
The development comes amid heightened scrutiny by tax authorities over ITC reconciliation issues across sectors, with insurers and financial services firms increasingly facing GST-related demands linked to return mismatches and classification disputes.