GST Violations Case: Finance Ministry Refuses to act on Insurers’ plea, Refers Matter to Irdai

The plea for relief made by the insurance industry, entangled in penal action by tax authorities for violating goods and services tax (GST) input tax credit norms, has been met with the Finance Ministry’s refusal to intervene. Sources familiar with the matter have revealed that the ministry has instead referred the issue to the Insurance Regulatory and Development Authority of India (Irdai). Authorities estimate that the alleged tax evasion amounts to more than ₹2,000 crore.

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