The Indian insurance industry is bracing for extended legal scrutiny from tax authorities after the GST Adjudicating Authority upheld a tax demand of Rs 2,400 crore against HDFC Life Insurance. The ruling, stemming from allegations of wrongful claims on ITC related to agent commissions, could set a precedent that pushes the industry’s total tax liability beyond Rs 5,500 crore, according to a report by The Economic Times.
HDFC Life Insurance Company on Friday announced that it has received a GST demand order from the Appellate Authority for Rs 102.5 crore for April 1, 2018 to March 31, 2019 period. “We wish to inform that the company has received a GST order from State Tax – (2), Unit 8, Ahmedabad, Gujarat on April 04, 2024,” the company said in a regulatory filing.
HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes.
HDFC Life Insurance share price declined over a percent on Monday after the company said it has received a demand…
