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“The corporate has filed a response refuting the declare,” it mentioned.
ICICI Prudential additionally clarified that it has not obtained any ‘present trigger discover with regard to the tax legal responsibility from DGGI’ for evasion of taxes and/or unpaid dues and therefore has not made any provision or contingent legal responsibility for a similar within the monetary statements for the 12 months ended March 31, 2023.
Within the final fiscal, the Directorate Normal of GST Intelligence (DGGI) initiated a GST enquiry into sure bills for which enter GST credit score had been claimed by the corporate.
“The continuing enquiries of DGGI is a part of an investigation on an insurance coverage industry-wide observe and isn’t particular to the practices of the Firm, as such,” ICICI Prudential mentioned.
Within the absence of receipt of a proper present trigger discover detailing the grounds and rationale on which the tax demand is proposed to be raised on the corporate, the corporate evaluated the potential of a tax obligation, which as of now seems to be distant, it added.
In September final 12 months, the Mumbai unit of the DGGI had mentioned that an ITC of Rs 824 crore had been availed by 16 insurance coverage corporations on the premise of pretend invoices. Out of this, insurers had voluntarily paid Rs 217 crore after the DGGI investigation.
DGGI investigations revealed that these insurers had been truly paying commissions past IRDAI’s permissible restrict to their company brokers within the garb of bills associated to advertising and marketing and model activation.
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