ICICI Prudential Life Insurance has received a GST notice amounting to Rs. 365 crore, including interest, from the GST authority. The notice demands GST along with applicable interest and penalties for the fiscal years 2017-18 to 2022-23 across all GST-registered states. This pertains to amounts recovered from insurance agents as per commercial terms, which the department alleges should have been deposited as GST.
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