Insurers expecting relief on GST notices from GST council meeting
Insurance companies are expecting a relief from GST Council meeting on Saturday, 7th October.
ET now has learnt from sources that GST Council is likely to give clarity on co-insurance premium & ITC recovery notices against insurance companies.
Life & non-life Insurers have received GST show cause cum demand notice notices of over Rs 12,000 crore from various state GST departments.
Recent development shows trend in the insurance sector, with GST demand notices totalling nearly ₹12000 crore from insurers, highlighting increased scrutiny by tax authorities.
New India Assurance has received GST demand notice amounting to ₹2,379
Bajaj Allianz General Insurance of ₹ 1,010 crore & ICICI Lombard with Rs 1,729 crore demand, all these notices from the Directorate General of GST Intelligence, Pune zonal unit.
HDFC Life also received tax demand of Rs 942 crore, ICICI Pru Life with Rs 492 crore, LIC with Rs 290 crore, LIC received tax notice from the Bihar- Additional Commissioner State Tax
Insurance companies share few percentages of large premiums of Co-insurance with other insurance companies to hedge risk. On premiums Insurers pay CGST & SGST, SGST to state where companies Head office is registered & located. Maharashtra GST department has served notices for non-payment of SGST on Co-insurance premiums. Insurers say in co-insurance transactions, total GST was paid by the lead insurer.
In recent meeting with Insurers have told revenue secretary that they have paid GST and any demand of state GST for Co-insurance is not valid, revenue Secretary has given assurance to insurers that their plea will be heard.
#insurance #etnow #gst
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