Legal31 March 2026 at 08:24 am
Canara HSBC Life Insurance Receives GST Demand Order of ₹ 4,80,38,171 from Lucknow Authority
AI Summary
Canara HSBC Life Insurance Company Ltd. has received an order under Section 74 of the UPGST and CGST Act, 2017 on 30th March 2026 from the Office of the Deputy Commissioner, Lucknow Sector-20, Lucknow (C), Lucknow II, Uttar Pradesh. The order demands ₹ 4,80,38,171 including tax, interest, and penalty for the Financial Year 2019-20. The demand is based on allegations of improper ITC claims and excess ITC claimed in GST return. The Company, however, does not foresee any significant impact on its financials, operations, or other activities and plans to file an appeal against the order.
Key Highlights
- Canara HSBC Life Insurance received a GST demand order of ₹ 4,80,38,171 from Lucknow Authority.
- The demand is based on allegations of improper ITC claims and excess ITC claimed in GST return for the Financial Year 2019-20.
- The Company plans to file an appeal against the order.
- No significant impact on the Company's financials, operations, or other activities is expected.