SBI Life Insurance Company has received a GST appeals order confirming a significant tax demand, according to a regulatory filing made on March 13, 2026. The order from the Commissioner (Appeals), Bhopal upholds the earlier demand raised by tax authorities for the financial year 2019-20.

GST Order Details

The appeals order confirms the tax demand that was originally raised by the Joint Commissioner CGST & Central Excise Bhopal on August 31, 2024. The company had previously disclosed this matter through a regulatory filing on the same date.

Company's Response and Next Steps

SBI Life Insurance has indicated that it will file an appeal before the competent authority or appellate tribunal against the Commissioner's order. This appeal will be filed in accordance with the applicable provisions under the Goods and Service Tax Act, demonstrating the company's intention to contest the demand through proper legal channels.

The company has stated that the GST order will have no adverse material impact on its financial operations, suggesting confidence in its ability to manage the financial implications of the tax demand.

Regulatory Compliance

The disclosure was made under Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was signed by Company Secretary Girish Manik and filed with both the National Stock Exchange of India Limited and BSE Limited.

The matter represents a continuation of the GST assessment proceedings that began with the original order in August 2024, with the appeals process now confirming the tax authorities' position on the demand.

SBI Life Insurance Company Limited has received an Income Tax Assessment Order from the Faceless Assessment Unit, Income Tax Department, for the financial year 2023-24. The company disclosed this development under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Tax Demand Breakdown

The Income Tax Assessment Order has been issued under Section 143(3) read with Section 144B of the Income Tax Act. The order confirms a substantial tax demand against the company.

Grounds for Tax Assessment

According to the company's disclosure, the tax authority has made the following adjustments:

• Erroneously enhanced income by disallowing exemption under Section 10(15) and Section 10(23AAB)
• Charging income under Section 56
• Calculated the demand considering corporate tax rate of 30% instead of the applicable tax rate under Section 115B of the Income Tax Act

Company's Strategic Response

SBI Life Insurance has stated that the Income Tax Assessment Order will have no adverse material impact on the company's financial operations. The company has announced its intention to contest the order through proper legal channels.

Regulatory Disclosure

The disclosure was made by Company Secretary Girish Manik (ACS No. 26391) through a formal communication to stock exchanges. The communication ensures compliance with regulatory requirements under the listing regulations, maintaining transparency with stakeholders regarding this significant tax-related development.

The company has provided comprehensive details as required under Regulation 30 read with Schedule III of the Listing Regulations, demonstrating its commitment to regulatory compliance and stakeholder transparency.