HDFC Life Insurance gets Rs.2,422.97 Crore GST Penalty Order:

HDFC Life Insurance gets Rs.2,422.97 Crore GST Penalty Order HDFC Life Insurance Company Limited received a penalty worth Rs.2,422.97 Cr under the GST order, as per the corrigendum received on February 5, 2025, according to the HDFC Life Insurance exchange filing. The Additional Commissioner, CGST and C.Ex, Palghar Commissionerate, Maharashtra, has imposed a tax demand of Rs.942.18 crore. The matter spans the period from 1st July 2017 to 31st March 2022. The original order imposed a penalty of Rs.942.31 Cr, which was later increased to Rs.2,422.97 Crore. The Company intends to dispute the order before an appropriate body. "The Company is in the process of filing rectification application before the Tax Authority with respect to the penalty amount which has been erroneously enhanced," according to HDFC Life Insurance. "Post passing of the rectification order, the penalty amount shall be kept as originally disclosed," according to the statement. The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.