Star Health And Allied Insurance Company Limited has informed the Exchange about GST order dated May 15,2025,
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Star Health has received a GST order dated May 15, 2025, from the Office of the Joint Commissioner of Uttar Pradesh, levying a penalty of Rs. 13,31,691 (approximately Rs. 13.3 lakhs) under Section 73 of the Central Goods and Services Tax Act, 2017. The penalty is for the period April 2023 to March 2024 and relates to excess Input Tax Credit (ITC) claimed by the company. Based on legal counsel's advice, the company plans to file an appeal or writ petition with the appropriate authorities to contest the order. The company believes it has a strong case on merits and expects no impact on its financial, operational, or other activities. The disclosure was delayed slightly due to technical issues on the GST portal, but was filed within 24 hours of receiving the order.
The penalty amount is relatively small (Rs. 13.3 lakhs) compared to the company's size, and management expects no material financial or operational impact. However, investors should monitor the outcome of the appeal, as an adverse ruling could set a precedent or lead to similar demands from other tax authorities.