Star Health and Allied Insurance Company Limited has received an order from the Additional Commissioner of Goods and Services Tax and Central Excise, Chennai South Commissionerate, imposing a tax demand of ₹ 33,04,89,702 along with applicable interest and penalty under Section 74(9) of the CGST Act 2017. The order was issued due to alleged violations of non-payment of GST on coinsurance transactions, non-disclosure of coinsurance transactions in statutory returns, and non-issuance of invoices for coinsurance services. The company plans to challenge the order before an appropriate authority.
According to the company’s regulatory filing, it believes it has a strong case based on merits and proposes to file an appeal against the order before the relevant authorities. The company is set to defend the matter and will take necessary steps to resolve the issue.
The order was received by the company on an unknown date, and the exact details of the alleged violations are not specified in the filing. However, it is clear that the company is facing a significant tax demand and penalty, which it intends to challenge.
The filing does not provide further information on the company’s plans to rectify the alleged violations or its strategy for appealing the order. However, it is likely that the company will need to provide evidence to support its claims and demonstrate that it has complied with GST regulations. The outcome of the appeal is uncertain, and it remains to be seen how the company will resolve the matter.