ICICI Pru, 14 insurance firms evaded Rs 824 crore input tax credit

Officials said further investigation revealed that other insurance companies and NBFCs also exploited a similar route to avail of ineligible ITC

The GST intelligence authority has unearthed tax evasion of Rs 824 crore by 15 insurance companies, officials said on Thursday. The companies, including ICICI Prudential, are alleged to have availed of input tax credit (ITC) credit without supply of goods and services. 

The Directorate General of GST Intelligence (DGGI) has initiated investigation following a tip-off against ICICI Prudential Insurance regarding availing of ineligible credit, DGGI Mumbai Zonal unit said.

Officials said further investigation revealed that other insurance companies and non-banking finance companies (NBFCs) also exploited a similar route to avail of ineligible ITC. 

GST officers of Mumbai zone are learnt to have searched