Some years ago, the indirect tax department had investigated the non-life companies for alleged tax evasion in the motor insurance business. The combined dues had then amounted to over Rs 1,500 crore.
However, the source said the regulator had not been informed officially by the finance ministry. Some of the companies are in favour of collective action by roping in the General Insurance Council and the Life Insurance Council to offer a collective response to the GST wing of CBIC.
In August 2022, the gross GST revenue collected reached Rs 1.43 trillion, which is 28 per cent more year-on-year. For the past six months in a row, the monthly GST revenues have crossed the Rs 1.4 trillion mark.
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