Bajaj Allianz gets GST demand notice for ₹1,010 crore on Tuesday. It received the show cause cum demand notice from the Directorate of GST Intelligence for the non-payment of GST on co-insurance and re-insurance premiums, said Bajaj Finserv in its stock exchange filing on Tuesday.
The company is expected to file appropriate response to the said Show Cause Cum Demand Notice within the prescribed timelines.
“Bajaj Allianz General Insurance Company Limited (“BAGIC”), an unlisted material subsidiary of the Company, has received a Show Cause Cum Demand Notice from the Directorate General of GST Intelligence, Pune Zonal Unit, under Section 73(1) of the Central Goods and Services Tax Act, 2017 (“the Act”), on 29 September 2023 alleging a tax demand of Rs. 1010,05,80,540/-,” stated the company in its BSE filing.
The show cause notice was issued for the non-payment of GST on two matters by the company during July 2017 to March 2022. GST payment on the two premiums has been a bone of contention between the government and companies. Other than Bajaj Allianz many other insurance firms received a similar notice by the GST Intelligence Directorate.
The Directorate General of GST Intelligence (DGGI), served a ₹1,728 crroe demand notice to ICICI Lombard General Insurance for non payment of tax in certain supplies between July 2017 and March 2022, the company said in its stock filling.
The GST Notice sent to ICICI Lombard also underlined the non- payment of GST on co-insurance and re-insurance premiums.
“The alleged demand and the impugned show cause cum demand notice pertains to non-payment of GST on the co-insurance premium accepted as follower in case of co-insurance transactions and non-payment of GST on reinsurance commission accepted on the reinsurance premium ceded to various Indian and foreign reinsurance companies during the period July 2017 to March 2022,” ICICI Lombard said in its BSE filing on 27 September.
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