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Moneylife » Companies & Sectors » Sector Trends » Insurance companies being probed for service tax evasion

Insurance companies being probed for service tax evasion

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MDT/PTI | 07/12/2012 02:56 PM | 

Bharat Reinsurance, IFFCO Tokio General Insurance, Apollo DKV Insurance, DLF Premierico Life Insurance, Aviva Life Insurance, Sri Ram Life Insurance, Sahara India Life Insurance and Reliance Life Insurance have been found guilty of service tax evasion says Chidambaram

 
New Delhi: Several insurance companies are being probed for suspected evasion of service tax and recoveries have been made in some cases, Finance Minister P Chidambaram told Lok Sabha on Friday, reports PTI.
 
During Question Hour Chidambaram provided a list of such insurance companies and firms which are suspected to have evaded service tax or found after investigations to have engaged in financial wrongdoings.
 
"In cases where investigation has been completed, show cause notices have been issued. Some cases have been adjudicated and demands of service tax confirmed. Appeals against some orders are pending before the Customs, Excise and Service Tax Appellate Tribunal," Chidambaram said.
 
He said recoveries have been made in some cases.
 
"At this stage, it may not be possible to quantify the exact tax liability in each case," he said.
 
Seven insurance companies were found evading service tax in 2009-10, nine in 2010-11 and ten in 2011-12. In 2012-13 (up to October) eight companies have been found guilty of service tax evasion.
 
These are: Bharat Reinsurance Co, IFFCO Tokio General Insurance Services Ltd, Apollo DKV Insurance Co Ltd, DLF Premierico Life Insurance Co, Aviva Life Insurance Company India Ltd, Sri Ram Life Insurance, Sahara India Life Insurance Corp, Reliance Life Insurance Co Ltd, Chidambaram said in his written reply.
 

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