HDFC Life Insurance Faces Tax Demand And Penalty From Appellate Authority

HDFC Life Insurance Faces Tax Demand And Penalty From Appellate Authority

The company is likely to appeal against the order

HDFC Life Insurance Company Limited has received the Goods and Services Tax (GST) orders from the Assistant Commissioner of State Tax (INV-6), Investigation-A, Mumbai, Maharashtra.

The order levied a tax demand and interest of Rs.152.87 crore and Rs.117.71, respectively, from 01 April 2020 to 31 March 2021.

It was about the short reversal of proportionate Input Tax Credit (ITC) on common services attributable to exempted supplies and excess availment of the ITC under the reverse charge mechanism.

However, the company stated, "The order is appealable before the appellate authority. The company will file its appeal within the specified period.”

The disclosure to the exchange was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.