HDFC Life Insurance Company informed that the company has received two GST orders from the Assistant Commissioner of State Tax (INV-6), Investigation-A, Mumbai, Maharashtra, aggregating to Rs 261 crore.
The first order is for short reversal of proportionate input tax credit on common services attributable to exempted supplies and excess availment of input tax credit under reverse charge mechanism for a period April 1, 2020 to March 31, 2021. The amount of order is Rs 152.87 crore.The subsequent order is for short reversal of proportionate input tax credit on common services attributable to exempted supplies and excess availment of input tax credit under reverse charge mechanism for a period April 1, 2020 to March 31, 2021. The amount of order is Rs 59.95 crore.
HDFC Life Insurance Company is a leading, listed, long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity, and health. The company has more than 80 products (including individual and group products) and optional riders in its portfolio, catering to a diverse range of customer needs.
HDFC Life Insurance Companys standalone net profit jumped 14.91% to Rs 432.99 crore on 12.29% rise in net premium income to Rs 16,569.70 crore in Q2 FY25 over Q2 FY24.
The scrip rose 0.14% to currently trade at Rs 618 on the BSE.
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