HDFC Life Insurance on Friday stated it has obtained a demand notice of greater than Rs 942 crore for non-payment of GST. The matter pertains to the claiming of enter tax credit score in opposition to the availability of companies, which the Directorate of Goods and Services Tax (GST) Intelligence (DGGI) believes are ineligible for such claims, it stated.
“HDFC Life Insurance Company has received a show cause cum demand notice from the Directorate General of GST Intelligence, Mumbai Zonal Unit asking the Company to show cause why a tax of Rs 942,18,46,028 pertaining to the period July 2017 to FY 2022, should not be demanded from the Company,” HDFC Life stated in a regulatory submitting.
Stating that the enter tax credit score (ITC) case is an industry-wide concern, HDFC Life stated the corporate shall be taking applicable steps in the end to answer to the present trigger notice and contest the matter. “It could also be famous that Rs 250 crore has been deposited beneath protest with the authority (DGGI) on this matter up to now,” the non-public sector insurer added.
On June 20, HDFC Life stated that the Competition Commission of India has permitted HDFC Ltd — one of many promoters of the corporate — to extend its stake in HDFC Life to greater than 50 p.c. In a submitting on Friday, HDFC Life stated the Insurance Regulatory and Development Authority of India (IRDAI) has granted its approval for switch of shares of HDFC Life, from HDFC Ltd to HDFC Bank.
“We additionally want to inform that IRDAI vide its stated letter has additionally granted its approval for HDFC Limited to amass further shares in HDFC Life in order to carry extra that fifty% of its whole share capital,” HDFC Life stated.
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