SBI Life Hit with ₹396 Million GST Bombshell: Insurance Major Under Regulatory Scanner

SBI Life Insurance Company Ltd has been hit with a whopping Goods and Services Tax (GST) notice of ₹396 million. The latest notice puts the company's tax trouble on the highest scale, coming on the heels of an earlier ₹239.27 crore notice for the 2019-20 financial year. The fresh demand, including interest and penalty applicable, pertains to short payment of GST and input credit availed issues. SBI Life is evaluating the impact of this demand on its operations and financials at present. The shares of the company responded adversely to the information, with the stock witnessing a downtrend during initial trading.

 

Source: SBI Life Insurance Company Ltd Regulatory Filing, February 26, 2025