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 sou
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 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
