HDFC Life Faces Rs 3,365 Crore GST Demand, Penalty; To Appeal Order:

HDFC Life Insurance Company has received an appeal order from the Commissioner (Appeals-III), CGST & Central Excise, Mumbai, confirming the GST tax demand, along with applicable interest and penalty, related to the period from July 2017 to March 2022. The original order involved a tax demand of Rs 942.18 crore and a penalty of Rs 2,422.97 crore.

The company said the order will not have any material adverse impact on its financial operations. HDFC Life will challenge the order further by filing an appeal before the GST Appellate Tribunal.

The company made this disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.