Max Financial Subsidiary Receives GST Show Cause Notices for ₹35.29 Cr

Max Financial Services Ltd's material subsidiary, Axis Max Life Insurance, has received Show Cause Notices (SCNs) from the GST Department for the financial years 2020-21 to 2024-25. The notices allege wrongful availment and utilization of Input Tax Credit, proposing a demand of tax, interest, and penalty aggregating approximately ₹35.29 Crores. The company believes it has complied with relevant GST provisions and is reviewing the SCNs to file a response within the prescribed timelines. At present, there is no impact on the company's operations or other activities. Max Financial Services will keep stakeholders informed of material developments.