“The investigation includes both private as well as public sector insurance companies, it’s a mixed lot.
Out of these, investigations on 15 insurance companies have been completed. The investigation for claiming fake input tax credit without the underlying supply of goods and services is being carried out by the GST authorities on 15 life and 15 general insurance companies. Bajaj Allianz, Sun Life, Hdfc Life Insurance, all the well-known ones are there,” the official told Moneycontrol. There are some public sector insurance companies also on this list. Tax evasion worth Rs 2,350 crore has been detected in these 15 companies. “The investigation on 15 insurance companies, which includes mutual funds, banks has been completed. The list comprises 15 companies, encompassing both life and general insurance, to whom show cause notices are currently being issued. Among these, some public insurers have been found to evade GST. As many as 15 insurance companies, including Bajaj Allianz, Aditya Birla Sun Life Insurance, HDFC Life Insurance along with some public insurers have been found to evade Rs 2,350 crore of Goods and Service Tax (GST).Īccording to a senior government official, the investigation has been concluded for a list of renowned insurance companies.
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