SBI Life Insurance Receives Partial Relief in GST Tax Demand
Mumbai, February 20, 2026: SBI Life Insurance Company Limited (SBI Life) has received an order from the Joint Commissioner of State Tax (Appeal) I, Mumbai under Section 107 of the MGST & CGST Act, 2017, partially upholding a tax demand for FY 2018-19.
The communication was received on February 20, 2026 at 7:19 P.M. The order follows the company’s earlier disclosure on April 30, 2024, regarding a GST demand from the Deputy Commissioner of State Tax, Maharashtra.
Key Highlights of the Order:
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Partial confirmation of the tax demand related to non-reversal of input credit under Rule 42 & 43 of MGST Act on earnings from securities transactions.
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Mismatch in ITC claimed in GSTR 3B and GSTR 2A.
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Input Credit availed on blocked credit under Section 17(5) of the SGST Act.
Financial Implications:
| Particulars | Earlier Amount (Rs.) | Revised Amount (Rs.) |
|---|---|---|
| Tax | 131,49,75,136 | 63,36,16,679 |
| Interest | 144,01,84,870 | 89,75,18,026 |
| Penalty | 13,14,97,514 | 6,33,61,667 |
| Total | 288,66,57,520 | 1,59,44,96,372 |
SBI Life will file an appeal before the Competent Authority / Appellate Tribunal in accordance with applicable provisions of the Goods and Services Tax Act.
The company has emphasized that the partial relief confirms the company’s compliance efforts while continuing to safeguard stakeholder interests.
For media inquiries: Girish Manik, Company Secretary, SBI Life Insurance Company Limited