Star Health Insurance Faces Fresh GST Show Cause Notice of Rs 66.7 Crore.
Star Health and Allied Insurance Company Limited on Tuesday said, a fresh show cause notice has been issued by the GST for Rs 66.7 crore.
In a regulatory filing, the standalone insurer said, two orders amounting to Rs 17.9 crore and around Rs 103.7 crore respectively, were received from the GST authorities, Tamil Nadu for the years 2018-19 and 2019-20, wherein the authorities have disputed input tax credit (lTC) availed and utilized by the company. An appeal was filed with the commissioner appeals against the order amounting to Rs 17.9 crore and the hearing is in progress.
The company had filed a writ petition with the Madras High Court against the order passed amounting to Rs 103.7 crore and the Court set aside the order passed by the GST department and directed to pass a fresh order, it added. The department has issued a fresh show cause notice determining the amount payable to be Rs 66.7 crore and the company has replied against the fresh show cause notice. Star Health has been advised by its legal counsel that liability may not arise, the filing in the stock exchange further said.
Meanwhile, the company reported a 16.4% growth in Gross Written Premium (GWP) at Rs 3,605.8 crore in the quarter ended December 31, 2023 against Rs 3,096.7 crore in the corresponding quarter last year. It posted a Profit after Tax (PAT) at Rs 289.5 crore in the quarter ended December 31, 2023, an increase by 37.6% when compared with Rs 210.5 crore in Q3 of FY23.