SBI Life Insurance Company Limited has received a significant GST demand order from Maharashtra tax authorities, highlighting ongoing compliance challenges in the insurance sector. The company disclosed this development through a regulatory filing under SEBI listing regulations on December 26, 2025.

GST Demand Details

The Deputy Commissioner of State Tax, Fort Division, Mumbai, Maharashtra issued the demand order under Section-73 of the MGST and CGST Act 2017. The order was received by the company on December 26, 2025 at 05:50 PM.

Nature of Alleged Violation

The GST demand stems from alleged discrepancies in Input Tax Credit (ITC) claims. Specifically, the tax authorities have identified a mismatch between ITC claimed in GSTR 3B returns and the corresponding GSTR 2A statements for the financial year 2021-22.

This type of mismatch typically occurs when companies claim input tax credits that are not reflected in their suppliers' filed returns, leading to discrepancies in the GST system's auto-populated forms.

Company's Response Strategy

SBI Life Insurance has announced its intention to challenge the demand order through proper legal channels. The company stated it will file an appeal before the competent authority or appellate tribunal in accordance with applicable provisions under the Goods and Service Tax Act.

The insurance major disclosed this information pursuant to Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring transparency with stakeholders regarding material developments that could impact the company's operations.

Regulatory Compliance Context

The GST demand order represents a significant compliance matter for SBI Life Insurance, with the total amount of ₹14.67 crores comprising both the disputed tax amount and substantial interest and penalty components. The interest component of ₹5.98 crores reflects the time elapsed since the original assessment period of FY 2021-22.

The company's proactive disclosure and planned appeal demonstrate its commitment to addressing the matter through established legal procedures while maintaining regulatory compliance standards.

SBI Life Insurance Company Ltd has received a regulatory order from tax authorities in Bihar regarding Goods and Service Tax (GST) matters. The company disclosed this development through a regulatory filing under SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

GST Order Details

The Deputy Commissioner of State Tax, Patna Special Central, Bihar issued an order under Section 73 of the BGST and CGST Act 2017 on December 22, 2025 at 04:10 PM. The order pertains to input credit availed on blocked credit under Section 17(5) of the CGST Act for the financial year 2021-22.

Financial Impact Breakdown

The GST demand order carries financial implications for the insurance company:

Company's Response

SBI Life Insurance has indicated its intention to challenge the order through legal channels. The company stated it will file an appeal before the competent authority or appellate tribunal against the order in accordance with applicable provisions under the Goods and Service Tax Act.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation requires listed companies to inform stock exchanges about material events that could impact their operations or financial position.

The company has provided detailed information as required under Schedule III of the SEBI listing regulations, ensuring transparency with stakeholders regarding this tax-related development. The matter relates to GST compliance issues from the financial year 2021-22, indicating a retrospective assessment by tax authorities.