CBIC slaps Rs 942 crore demand notice on HDFC Life Insurance Company
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The investigative wing of the Central Board of Indirect Tax and Customs (CBIC) has slapped a show cause-cum-demand notice on HDFC Life Insurance Company for an amount of Rs 942.18 crore.
This notice pertains to charges of wrongly availing the input tax credit without the underlying supply of services.
The private life insurer, in a filing with the BSE, said it has received a show cause-cum-demand notice from the directorate general (D-G) of GST Intelligence, Mumbai zonal unit. It asked why a tax of Rs 942.18 crore, pertaining to the period July 2017 to FY22, should not be demanded from the company.
The matter relates to the claim of input tax credit against supply of services, which the authority believes are ineligible for such claims.
HDFC Life said its legal and tax counsel said the company has a good contestable case. This was an industry-wide issue and the company would be taking appropriate steps in due course to reply to the show cause notice and contest the matter. It had deposited Rs 250 crore with the authority in this matter in the past.
The D-G of GST Intelligence is currently probing 15 insurance companies and several of their intermediaries and channel partners over fake invoices and wrongly claimed input tax credit.
The investigative wing has recorded the statements of all insurers and respective intermediaries. It is preparing to issue show cause notices. Some have already been served the notices, it is learnt.
Meanwhile, the Insurance Regulatory and Development Authority of India (IRDAI) granted approval for transfer of shares of HDFC Life from HDFC to HDFC Bank.
The nod comes in view of the proposed amalgamation of mortgage major HDFC with HDFC Bank.
The IRDAI also granted approval to HDFC to acquire additional shares in HDFC Life to take its stake to more than 50 per cent of its total share capital.
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