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15 insurance companies, banks & others under GST scanner for wrongfully availing & utilising input credits worth Rs 824 crore

15 insurance companies, banks & others under GST scanner for wrongfully availing & utilising input credits worth Rs 824 crore

15 insurance companies, banks & others under GST scanner for wrongfully availing & utilising input credits worth Rs 824 crore
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By Timsy Jaipuria  Sept 29, 2022 10:51:09 PM IST (Published)

The companies have already submitted Rs 217 crore to the DGCI's Mumbai zonal office, people in the know of the matter told CNBC-TV18

Fifteen insurance companies and multiple intermediaries, non-banking financial companies (NBFCs) and banks have come under the scanner by the Directorate General of GST Intelligence (DGCI) for wrongfully availing and utilising ineligible input tax credits (ITC) worth Rs 824 crore.

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The companies have already submitted Rs 217 crore to the DGCI's Mumbai zonal office, people in the know told CNBC-TV18.
Initial investigations were started based on specific information against ICICI Prudential Insurance regarding the availing ineligible credit, the sources said.
The probe revealed other insurance companies, intermediaries and NBFCs exploiting similar routes to avail ineligible ITC, the sources added.
Further investigations are in progress.
(This is a developing story. Keep checking back for updates)
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