HDFC Life gets GST demand notice exceeding Rs 27 crore

HDFC Life Insurance Company announced on Thursday that it has received GST demand orders totalling over Rs 27 crore due to alleged discrepancies in tax payments.

In two separate filings with regulatory authorities, the insurer disclosed that it has been served with tax demand orders amounting to over Rs 16.5 crore and Rs 10.5 crore for purportedly falling short on GST payments and discrepancies in input tax credit claims.

The demand orders include additional charges for interest and penalties.

HDFC Life has stated its intention to challenge these GST demand orders by filing appeals before the Appellate Authority.

Following this announcement, shares of HDFC Life settled 1.27 per cent higher at Rs 634.20 apiece on the Bombay Stock Exchange (BSE).

(With PTI inputs)