The first order is for short reversal of proportionate input tax credit on common services attributable to exempted supplies and excess availment of input tax credit under reverse charge mechanism for a period from April 1, 2020 to March 31, 2021. The tax demand stood at Rs 152.87 crore and the interest of Rs 117.71 crore.
The subsequent order is for excess availment of input tax credit due to mismatch in GSTR3B vs GSTR2A and excess input service distributer credit distributed to the state of Maharashtra for a period from April 1, 2020 to March 31, 2021. The tax demand stood at Rs 59.95 crore and the interest of Rs 47.79 crore.
The company stated that these orders are appealable before the Appellate Authority and it will file its appeal within the specified period.
HDFC Life Insurance Company is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity, and health. The company has more than 80 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.
HDFC Life Insurance Company’s standalone net profit jumped 14.91% to Rs 432.99 crore on 12.29% rise in net premium income to Rs 16,569.70 crore in Q2 FY25 over Q2 FY24.
The scrip rose 0.14% to currently trade at Rs 618 on the BSE.