SBI Life Insurance Company Ltd disclosed a GST demand totalling Rs 1,12,99,508 in a BSE filing on September 25, 2026, and said it would appeal the order. The Rajasthan tax authority's demand comprises tax, interest and penalty relating to input tax credit claimed for April to August 2025.

The insurer received the order at 11.25 am on September 25, 2026. It was issued by the Deputy Commissioner, Circle-M.I. Road, Zone-Jaipur I, JC/DC Ward, Rajasthan (State Tax), under Section 74 of the RGST Act, 2017.

According to the filing, the communication is a tax demand order raised through Form GST DRC 07. SBI Life disclosed the order to the stock exchanges under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Input tax credit mismatch cited

The authority cited excess input tax credit claimed in GSTR-3B compared with GSTR-2B for the period April 2025 to August 2025. This comparison between the two GST statements is the stated basis for the demand described in the insurer's disclosure.

The annexure to the filing provides the following breakdown of the financial amounts covered by the order:

Component Amount
Tax Rs 96,12,911
Interest Rs 7,25,306
Penalty Rs 9,61,291
Total demand Rs 1,12,99,508

The total of approximately Rs 1.13 crore therefore includes interest and penalty in addition to the underlying tax amount. The company separately identified the Rs 9,61,291 penalty in the annexure's section on penalties, restrictions or sanctions imposed under the communication.

SBI Life sets out appeal plan

SBI Life said it would file an appeal against the order before the competent authority or appellate tribunal in accordance with applicable GST provisions. The disclosure describes an intended appeal; it does not state that an appeal has already been filed or decided.

The exchange communication was signed by company secretary Girish Manik and addressed to both BSE and the National Stock Exchange. SBI Life is identified in the filing by BSE scrip code 540719 and NSE symbol SBILIFE.

Source: BSE corporate announcement.