Bajaj Finserv's insurance coverage arm, Bajaj Allianz Common Insurance coverage Firm Restricted (BAGIC) on September 29 obtained a present trigger cum demand discover from the Directorate Common of Items and Companies Tax (GST) Intelligence alleging a tax demand of Rs 1010.05 crore, the monetary providers firm knowledgeable the exchanges on Tuesday. The discover was despatched …
The discover was despatched by the authority’s Pune workplace referring to the failure to pay GST between July 2017 and March 2022 notably in two areas.
First being the failure to pay tax on the co-insurance premium accepted as a follower in coinsurance transactions. Secondly, the failure to pay the GST on the reinsurance fee accepted on the reinsurance premium ceded to numerous Indian and international reinsurance corporations.
Nonetheless, Bajaj Finserv, in its submitting, has assured of an acceptable response to the identical.
“The Present Trigger Cum Demand Discover refers back to the two issues which are trade huge points and based mostly on the recommendation of its tax advisors, BAGIC shall be submitting acceptable response to the mentioned Present Trigger Cum Demand Discover inside the prescribed timelines,” the corporate mentioned in a regulatory submitting.
The corporate’s share closed at Rs 1,560.80 on Tuesday, up by 1.33 per cent from the earlier closing on September 29.
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