[ad_1]
Tax authorities have prepared to send notices to 16 insurance companies. The tax department feels that these 16 insurance companies have not paid tax worth billions of rupees to the government. Out of these, notices have been sent to 2 companies Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance.
there is doubt of so much due
According to a report by news agency Reuters, the tax authorities feel that these 16 insurance companies have evaded tax since 2017. According to sources, according to the tax authorities, 16 insurance companies owe the government about $610 million, or Rs 50 billion. For this reason, by sending a show cause notice to the concerned insurance companies in the investigation, they can be asked to respond.
Investigation started last year
According to the news, the investigation started in September last year regarding tax evasion by insurance companies. Sources say that in the insurance industry, commission in excess of the limit approved by regulator IRDA is shown as advertising or marketing expenses, and tax credit is claimed on the basis of them. In this way, the government exchequer has been hit by billions.
Tax authorities suspect
In July 2017, the central government had implemented the new indirect tax system Goods and Services Tax i.e. GST in the country. Tax authorities suspect that 16 insurance companies have committed tax evasion since the implementation of GST. In this way, a liability of about 50 billion rupees is created by including the outstanding tax, interest and penalty on 16 companies.
They will also get notice
Sources said that the Directorate General of Vigilance GST is preparing to send show cause notices to all those companies, which are included in the 16 insurance companies under investigation. However, no official information has been given about this. Neither the Directorate General of GST nor any other government department has commented on this. The companies concerned have also not publicly said anything about the alleged notice or investigation.
read this also: There will be a bumper increase in salary this year, 90 percent of workers in India expect this
[ad_2]
Source link