The alleged demand and the impugned show cause cum demand notice pertains to non-payment of GST on the co-insurance premium accepted as follower in case of coinsurance transactions and non-payment of GST on re-insurance commission
accepted on the reinsurance premium ceded to various Indian and foreign reinsurance companies during the period July 2017 to March 2022, said the company in a regulatory filing
Pune:
After ICICI Lombard General Insurance, Baja Finserv, on Tuesday, said its subsidiary Bajaj Allianz General Insurance Company Limited (“BAGIC”), an unlisted company, has received a show cause cum demand notice alleging a tax demand of Rs 1010.05 crore from the Directorate General of GST Intelligence, Pune Zonal Unit.
The alleged demand and the impugned show cause cum demand notice pertains to non-payment of GST on the co-insurance premium accepted as follower in case of coinsurance transactions and non-payment of GST on re-insurance commission
accepted on the reinsurance premium ceded to various Indian and foreign reinsurance companies during the period July 2017 to March 2022, said the company in a regulatory filing.
The show cause cum demand notice refers to the two matters that are industry wide issues and based on the advice of its tax advisors, BAGIC will be filing appropriate response to the notices within the prescribed timelines, said the company.