This is surprising that, in today’s era of so called transparency, almost all private insurance companies are paying less GST, if these demands are correct.
Demands in excess of 700 Crores also raises questions about the efficiency of the entire system and process behind it. Ideally, when the company defaults on GST of 100-200 Crores, immediately this should be caught. I am not sure whether such systems are still not in place in today’s transparent governance systems!!
I believe that, companies should also raise their awareness and calculation systems to ensure that GST amounts collected from us (customers) are deposited to the GOI on time.
I may be wrong in my analysis.
Biased as I am invested in some of the insurance businesses.
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