Star Health and Allied Insurance Company Limited announced that Company is in receipt of an Order dated 26 February 2025 passed by the Deputy Commissioner, under the office of the Commissioner of Goods & Services Tax & Central Excise, Chennai Tamilnadu. The Office of the Commissioner of Goods & Services Tax & Central Excise, Chennai South Commissionerate, located in Chennai, Tamil Nadu, has issued an order from the Deputy Commissioner levying a penalty of INR 47,77,256/- under Section 73 of the Central Goods and Services Tax Act, 2017 ("the Act") for the period from April 2020 to March 2021. The direction or order, including any interim orders or communications from the authority, was received on February 26, 2025, at 22:12 hours.
The penalty has been imposed due to a GST demand arising from excess Input Tax Credit claimed. Based on legal counsel's advice, the Company plans to file an appeal or writ petition with the appropriate authorities to address the matter, believing it has a strong case based on merits to successfully defend against these allegations. Furthermore, the Company does not expect any impact on its financials, operations, or other activities as a result of this penalty.
