The corporate acquired a replica of the order on March 6, 2026. The demand pertains to the interval from July 2017 to March 2022. The order follows re-adjudication of the matter.
Earlier, the Bombay Excessive Courtroom had put aside the GST demand of ₹154.80 crore and the penalty of ₹15.48 crore, aggregating to ₹170.29 crore, and directed the adjudicating authority to determine the matter once more in accordance with the GST Council’s resolution and associated circulars.
Additionally Learn: GST intelligence conducts search at Go Digit Basic Insurance coverage; firm says no materials influence
Following the recent adjudication, the tax authority has confirmed the GST demand of ₹154.80 crore and imposed a penalty of ₹15.48 crore together with relevant curiosity.
The difficulty pertains to alleged non-cost of GST on co-insurance coverage premiums acquired as a follower in co-insurance coverage transactions. It additionally entails alleged non-cost of GST on re-insurance coverage fee deducted from re-insurance coverage premium ceded to Indian and overseas reinsurers. The corporate stated the matter is an trade-vast difficulty.
Go Digit stated it’s evaluating authorized recommendation on the implications of the order and can pursue an attraction or take different acceptable authorized steps, together with submitting a writ petition. The insurer added that there isn’t any influence at this stage arising from the order.
Additionally Learn: Go Digit Q2 revenue rises 30% on increased premium earnings, improved underwriting
Shares of Go Digit Basic Insurance coverage Ltd ended at ₹334.35, up by ₹10.45, or 3.23%, on the BSE.
(Edited by : Jomy Jos Pullokaran)
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