Home GST Bajaj Allianz received Rs.1,010 Crore GST Demand Notice from DGGI

Bajaj Allianz received Rs.1,010 Crore GST Demand Notice from DGGI

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Bajaj Allianz received Rs.1,010 Crore GST Demand Notice from DGGI

Bajaj Allianz obtained Rs.1,010 Crore GST Demand Discover from DGGI

The Monetary Providers Agency Bajaj Finserv Restricted stated its Subsidiary Agency Bajaj Allianz Common Insurance coverage has obtained present trigger cum demand discover from the DGGI (Directorate Common of GST Intelligence) for non-payment of GST on co-insurance and re-insurance premiums. The Tax Demand discover of Rs.1010 Crore was issued by the division on September 29, 2023.

In line with the corporate’s BSE submitting, “Bajaj Allianz Common Insurance coverage Firm Restricted (BAGIC), an unlisted materials subsidiary of the Firm, has obtained a Present Trigger Cum Demand Discover beneath Part 73(1) of the Central Items and Providers Tax Act, 2017 on September 29, 2023, alleging a tax demand of Rs. 1010,05,80,540.”

The allegations within the discover cowl the time interval from July 2017 to March 2022. They’re centred on two main points: non-payment of GST on co-insurance premiums accepted as followers in coinsurance transactions, and non-payment of GST on reinsurance fee obtained for reinsurance premiums ceded to numerous Indian and international reinsurance corporations.

The fee of GST on the 2 premiums has been a supply of rivalry between the federal government and companies.

Bajaj Allianz Common Insurance coverage has said that these are industry-wide points and that it intends to reply appropriately to the present trigger cum demand discover throughout the prescribed timelines in session with its tax advisors.

Aside from Bajaj Allianz, many different insurance coverage companies obtained an identical discover from DGGI.

DGGI issued a Rs.1,728 crore demand discover to ICICI Lombard Common Insurance coverage for failure to pay tax on sure provides made between July 2017 and March 2022. The non-payment of GST on co-insurance and re-insurance premiums was additionally highlighted within the GST Discover despatched to ICICI Lombard.

This wave of tax calls for highlights the extraordinary scrutiny that Indian corporations are at the moment experiencing from varied tax authorities throughout the nation.

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