HDFC Life Insurance Co Ltd has received a goods and services tax demand notice of nearly Rs.103 crore from the state tax department of Gujarat for the assessment year 2018-19 (April–March), the company notified the exchanges today.
While the tax demand is Rs.51.23 crore, the interest on the tax is Rs.46.11 crore, and the penalty is Rs.5.12 crore, the filing said.
The demand notice was on account of excess availment of input tax credit, short reversal of proportionate input tax credit towards exempt supplies, and short payment of GST on outward supply by treating the adjustments made to its turnover as a part of taxable turnover, the filing said.
“The said order is appealable before the appellate authority. The company will file its appeal within the specified period,” the company said.
Source: CNBCTV18
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