Quick Summary
The goods and services tax department has widened the probe against insurance companies for alleged wrongful availment of input tax credit. The Director General of GST Intelligence is likely to serve show cause notices to 10 more insures soon, taking the number of firms under the drive to 30. Inv
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The GST probe is expanding to include 10 additional insurance companies for allegedly wrongfully availing input tax credit.
With the addition of 10 more firms, the total number of insurers under the GST probe is now 30.
A total tax evasion of Rs 2,500 crore has been detected from insurers by the DGGI.
Insurers have already paid back close to Rs 750 crore of the detected tax evasion.
Insurers are alleged to have wrongfully availed input tax credit on invoices for services like advertising and marketing, even when these services were not provided, to circumvent regulations on commissions.
The investigations are being led by the Mumbai, Meerut, and Gurugram zonal offices of the DGGI.
CAclubindia
