Quick Summary
The Goods and Services Tax wing of the Central Board of Indirect Taxes and Customs (CBIC) has carried out tax searches and inspections against several insurance companies. The list of companies the tax sleuths have visited includes several of the major life and non-life insurers. A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to. This is not the first time that the CBIC has launched a coor
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)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The Goods and Services Tax (GST) wing of the Central Board of Indirect Taxes and Customs (CBIC) is conducting the tax inspections.
Several major life and non-life insurance companies are being inspected.
The inspections are due to allegations that insurance companies have taken input tax credit in excess of what they are entitled to.
The total overdrawal of input tax credit is still being calculated, but it is expected to be over Rs 3,000 crore for the entire industry.
No, none of the companies have so far apprised their shareholders of the action by the CBIC.
CAclubindia
