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. Investigations into 20 insurers are complete and another 10 cases are under probe as of now. Depending on the findings, show cause notices will be sent to the latter too, said a person familiar with the
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 Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
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
