NEW DELHI: Bajaj Allianz General Insurance Company received a show cause and demand notice of R 1,010 crore from the Director General of GST Intelligence, Pune unit, on 29 September 2023. Bajaj Finserv, the holding company of the Bajaj Allianz General Insurance, said in an exchange filing.
According to the exchange filing, the demand notice pertains to non-payment of GST on the co-insurance premium and non-payment of GST on the re-insurance commission accepted on the reinsurance premium ceded to various Indian and foreign reinsurance companies during the period July 2017 to March 2022.
The issue of non-payment of GST is an industry-wide issue and several insurance companies have received such notices. Last week, ICICI Lombard General Insurance Company also received a show cause notice from the DGGI over non-payment of GST to the tune of R1,728.80 crore.
Meanwhile, Maruti Suzuki Ltd has informed the exchanges that it received a draft assessment order on 3 October 2023 from the Income Tax Authority for the financial year 2019-20. The income tax department has served a tax demand of R 2,160 crore with respect to the income disclosed by the company in its Income Tax return in the financial year 2019-20.