Anil Ambani gets GST notices worth Rs 923 crore; Check details
The company received its first show cause notice of Rs 478.74 crore from the DGGI on September 28
Anil Ambani's Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, has received multiple show-cause notices worth Rs 923 crore from the Directorate General of GST Intelligence (DGGI). DGGI issued four notices seeking GST of Rs 478.84 crore, Rs 359.70 crore, Rs 78.66 crore, and Rs 5.38 crore on income derived from services like re-insurance and co-insurance.
The company received its first show cause notice of Rs 478.74 crore from the DGGI on September 28 . On September 28, the company received its first show cause notice regarding the application of GST on re-insurance commissions paid to Indian and foreign reinsurance firms. The DGGI argues that these commissions should be subject to GST, considering them as part of the company's recorded revenue. Additionally, a second show cause notice of Rs 359.70 crore was issued regarding the GST applicability of co-insurance premiums received as a follower in co-insurance transactions.
Anil Ambani's brother, Mukesh Ambani is the richest man in Asia. Mukesh Ambani's net worth is 56.5 billion dollars. There were reports that several companies owned by Anil Ambani were in losses and some, including the head office in Mumbai, were put up for sale