HDFC Life Hit With ₹3,365 Crore GST Blow, Plans Fresh Appeal
What Happened
HDFC Life Insurance Company Ltd said an appellate authority has upheld a GST demand, interest and penalty related to the period between July 2017 and March 2022. The order confirms the original demand of ₹942.18 crore in tax and ₹2,422.97 crore in penalty, taking the total liability to about ₹3,365 crore, excluding applicable interest. The company received the appeal order on September 10 and said it will challenge the ruling before the GST Appellate Tribunal.
Key Takeaways
While the tax demand is substantial, HDFC Life said it expects no material adverse impact on its financial operations and intends to continue contesting the matter through legal channels.