Canara HSBC Life Insurance Company Limited has informed the Exchange about Action(s) initiated or orders passed
CANHLIFE · price
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Canara HSBC Life Insurance has received a demand order on 30 March 2026 from the Office of the Deputy Commissioner, Lucknow, under Section 74 of the UPGST and CGST Act, 2017 for Financial Year 2019-20. The tax authority has alleged non-compliance with Input Tax Credit (ITC) provisions under Sections 16 and 17 of the CGST Act, and excess ITC claimed in GSTR-3B compared to GSTR-9 (Table 8A). The total demand is ₹4.80 crore, comprising ₹1.51 crore in tax, ₹1.79 crore in interest, and ₹1.51 crore in penalty. The company has stated it believes the demand is not maintainable and will file an appeal before the competent authority.
The financial impact is likely limited since the company is contesting the order and has stated it does not foresee any material impact on its financials, operations, or activities. Shareholders should monitor the appeal outcome, as an unfavorable ruling could create a contingent liability of around ₹4.80 crore.