CGST and Excise Department Impose Tax Demand And Penalty On HDFC Life Insurance
HDFC Life Insurance faces a CGST order demanding Rs. 1.54 crore in tax and a Rs. 1.55 crore penalty for alleged excess Input Tax Credit claims and short reversal of ITC on exempt supplies.;
CGST and Excise department impose tax demand and penalty on HDFC Life Insurance
HDFC Life Insurance Co Ltd has received a Goods and Services Tax (GST) order from the Assistant Commissioner of the Central Goods and Services Tax (CGST) and the Central Excise, Patna Central Division.
The order relates to the tax demand of Rs.1.54 crore and a penalty of Rs.1.55 crore from 01 July 2017 to 31 March 2021.
It was issued alleging excess availment of the Input Tax Credit (ITC) due to a mismatch between GSTR3B vs GSTR2A; and alleged short reversal of proportionate ITC towards exempt supplies and common services attributable to exempted supplies.
The company stated filing an appeal within the specified period.