Quick Summary
According to a report, 15 insurance companies, including HDFC Life Insurance, Bajaj Allianz, and Aditya Birla Sun Life Insurance, have been found to evade Rs 2,350 crore of goods and services tax (GST). The investigation by GST authorities focused on detecting fake input tax credit claims that lacked the underlying supply of goods and services. The list of companies investigated includes both life and general insurance providers, as well as some public sector insurers. The investigation on th
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FAQ :
Fifteen insurance companies, including HDFC Life Insurance, Bajaj Allianz, and Aditya Birla Sun Life Insurance, are reportedly involved.
The total amount of GST evaded by these companies is estimated to be Rs 2,350 crore.
The investigation centred on detecting fake input tax credit claims where the underlying supply of goods and services was absent.
Yes, Rs 700 crore has been recovered so far as a result of the investigation.
Yes, GST authorities are also investigating online gaming companies for potential GST evasion.
The government is identifying and acting against fake registrations, and implementing OTP-based Aadhaar verification and biometric authentication for registrations in high-risk cases.
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