HDFC Life Insurance received GST Order from State Tax - (2), Unit 8, Ahmedabad, Gujarat
New Delhi: This order will have no adverse material impact on the financial operations of the Company and the same shall be further contested by the Company by way of an appeal before the Appellate Authority.
Under the company's disclosure done at exchange filing the State Tax Officer-(2), Unit 8, Ahmedabad, Gujarat Nature has invoked a GST Order notice with the period involving April 1, 2018, to March 31, 2019, with Tax demand of Rs. 51.23 Crore Interest, Rs. 46.16 Crore Penalty, and Rs. 5.12 Crore.
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The listed Allegations are-
A) Short payment of GST on outward supply by treating the adjustments made to turnover in GSTR9C as a part of taxable turnover and GSTR-3B v/s. GSTR-9.
B) Excess availability of Input tax credit due to mismatch in GSTR3B vs GSTR2A.
C) Short reversal of proportionate Input tax credit towards exempt supply.
The said order is appealable before the Appellate Authority. The Company will file its appeal within the specified period.
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