The Goods and Services Tax wing of the Central Board of Indirect Taxes and Customs (CBIC) has carried out tax searches and inspections against several insurance companies. The list of companies the tax sleuths have visited includes several of the major life and non-life insurers.
A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to. This is not the first time that the CBIC has launched a coordinated action against several companies in the sector.
Source a2ztaxcorp
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