HDFC Life Insurance faces ₹2,422.97 Cr GST penalty, CFO News, ETCFO
HDFC Life Insurance Company Limited has received a penalty of ₹ 2,422.97 Cr under GST order, as per the corrigendum received on February 05, 2025, According to the HDFC Life Insurance exchange filing.
Additional Commissioner, CGST &C.Ex, Palghar Commissionerate, Maharashtra, has imposed a tax demand of ₹ 942.18 Cr. The matter relates to the period of July 1, 2017, to March 31, 2022.
A penalty of ₹ 942.31 Cr was imposed in the original order, which was further enhanced to ₹ 2,422.97 Cr.
The Company is likely to challenge the order before an appropriate authority.”The Company is in the process of filing rectification application before the Tax Authority with respect to the penalty amount which has been erroneously enhanced,” said HDFC Life Insurance.
“Post passing of the rectification order, the penalty amount shall be retained as originally disclosed,” it added.
The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
