Insurance Companies Avail Bogus ITC for Excess Commission: Insurers, Banks Encounter GST Notices

Insurance Companies - Insurance - Bogus ITC - ITC - Excess Commission - Insurers - Banks - GST notices - GST - Taxscan

The Goods and Services Tax (GST) are set to issue show cause notices to insurance companies, banks, lenders ..etc. According to the reports 29 insurance companies, 5 Non-Banking Financial Companies (NBFCs) and more than 100 vendors were included by the authorities. The entities were involved in paying for fraudulent services to allow the insurers to…

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