The insurance industry in India is facing allegations of tax evasion, with companies accused of evading GST amounting to ₹5,500 crore. Tax authorities have sent notices claiming dues of up to ₹30,000 crore. The allegations stem from excess commissions paid to corporate agents, such as banks and NBFCs, to push sales. These excess commissions are being recouped as input credit by claiming that services have been provided, when in fact they have not. Insurance companies are contesting the demands while depositing a part of the tax demand. The industry regulator, Irda, has imposed a 30% cap on overall expenses in response to the alleged evasion scam.
JOHOR BARU: The Budget 2024 is set to stimulate various sectors and will further boost investors’ interest in Iskandar Malaysia, says Iskandar Regional Development Authority (Irda).
Recent regulations from authorities like SEBI and IRDA have made the nomination process for financial assets more crucial, but misconceptions still exist, necessitating a detailed exploration of its legal aspects and significance.