A central agency tasked with preventing the leakage of Goods and Services Tax (GST) revenue has completed its probe into at least six of the 30 insurance firms it is investigating over alleged malpractices regarding commission payments to their agents, and is in the process of sending them show-cause notices (SCNs), official sources aware of the ongoing scrutiny told.
Among those that have received such notices is ICICI Prudential Life Insurance for an alleged GST liability of nearly ₹492 crore, these sources further added.
In a notice to stock exchanges, ICICI Prudential said it has received show-cause-cum-demand notice of ₹492 crore for July 2017 to July 2022 period from DGGI. The company said it will take appropriate steps in due course to respond to the notice and contest the matter.