ICICI Pru Life refutes GST dept contention of tax liability due to input tax credit claims

In the absence of receipt of a formal show cause notice detailing the grounds and rationale on which the tax demand is proposed to be raised on the company, the company evaluated the possibility of a tax obligation, which as of now appears to be remote, it added. In September last year, the Mumbai unit of the DGGI had said that an ITC of Rs 824 crore had been availed by 16 insurance companies on the basis of fake invoices. Out of this, insurers had voluntarily paid Rs 217 crore after the DGGI investigation.