Canara HSBC Life Insurance Receives GST Demand Order of ₹4.8 Crore
Canara HSBC Life Insurance received a GST demand order of ₹4.8 crore for FY 2019-20 on March 30, 2026. The demand includes tax, interest, and penalty. The company disputes the demand and will file an appeal, expecting no material financial impact.
While the company states no material impact is expected, the demand of ₹4.8 crore is substantial and the ongoing appeal process introduces a degree of uncertainty.
The company has received a significant demand order, which is negative. However, they plan to appeal and do not expect a material financial impact, which offsets the negativity, leading to a neutral sentiment.
Canara HSBC Life Insurance Company Limited has received a demand order under Section 74 of the UPGST and CGST Act, 2017, from the Office of the Deputy Commissioner, Lucknow, on 30th March 2026. The order pertains to the Financial Year 2019-20 and was issued pursuant to a Show Cause Notice dated 25th April 2025.
The authority has raised a demand for GST along with applicable interest and penalty. The alleged violations include non-compliance with sections 16 & 17 of the CGST Act, 2017, regarding Input Tax Credit (ITC) claims, and excess ITC claimed in GST returns compared to the GST portal reflection.
The total demand comprises ₹1,50,82,434/- for tax, ₹1,78,73,303/- for interest, and ₹1,50,82,434/- for penalty, amounting to a total of ₹4,80,38,171/- (approximately ₹4.8 crore). The company, however, believes the demand is not maintainable and plans to file an appeal before the Competent Authority/Appellate Authority. Canara HSBC Life Insurance does not anticipate any significant impact on its financials, operations, or other activities as a result of this order.
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