HDFC Life Insurance Company on Friday announced that it has received a GST demand order from the Appellate Authority for Rs 102.5 crore for April 1, 2018 to March 31, 2019 period. “We wish to inform that the company has received a GST order from State Tax – (2), Unit 8, Ahmedabad, Gujarat on April 04, 2024,” the company said in a regulatory filing.
The demand order of Rs 102.5 crore includes tax demand of Rs 51.23 crore, interest of Rs 46.16 crore, and a penalty of Rs 5.12 crore.
The allegations, it added, are short payment of GST on outward supply by treating the adjustments made to turnover in GSTR-9C as a part of taxable turnover and GSTR-3B v/s.
GSTR-9; excess availment of input tax credit due to mismatch in GSTR3B vs GSTR2A; and short reversal of proportionate input tax credit towards exempt supplies.
In the exchange filing, HDFC Life said that the order will have no adverse material impact on the financial operations of the company. It further added that the company will contest the same by way of an appeal before the Appellate Authority.