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ICICI Prudential gets over Rs 130 cr tax notice

 
  08 Oct 2013  
 
 
   
   
   
   
   
   
   
   
   
   
 

It seems that ICICI Prudential Life cheating to India is not ending. Another tax theft issue is highlighted by service tax department . ICICI Prudential was deducting service tax from agents and others on approx. 10.5%  basis since 2007.The deducted service tax of 2lacs agents was to be deposited at service tax office for nation development, but they cheated nation also.

Private sector insurer ICICI Prudential has been asked to cough up over Rs 130 crore for alleged evasion through non-payment of service tax.

The Directorate General of Central Excise Intelligence (DGCEI) has issued a show-cause-cum-demand-notice recently to the firm alleging irregularities including fudging records of commission paid to field agents or channel partners in lieu of policies being sold by them among others, official sources said.

"The DGCEI has raised a demand for payment of about Rs 136 crore on account of alleged service tax evasion to ICICI Prudential," a source said.

Officials of the DGCEI, an investigative arm of Revenue Department under the Ministry, verified the accounts book of the company for the last five years - 2007-08 to 2011-12 - and claimed to have found irregularities vis-a-vis adherence to service tax laws.

The officials found non-payment of appropriate service tax on the commission paid to their channel partners for the generation of life insurance business and collection of service tax from their corporate agents without any authority in law and not depositing the same to the government exchequer, they said.

An ICICI Prudential spokesperson said the company will respond to the notice issued to it.

"The department has followed procedure by issuing the showcause notice. We will respond to the notice within the stipulated time period," a company spokesperson told PTI.

ICICI Prudential life also denied product approval certificate of IRDA to customers and PIL is filed to cheat millions of customer at Bombay High Court. India RTI News filed a RTI to service tax department to get service tax details of top 5 companies LIC, BirlaSunlife, SBI Life, HDFC life,and ICICI Prudential life.
We have got more than 35 letters from all the branches of Service tax department. Still they are searching the top life insurance companies service tax record. We will soon update the findings…….

 

Read Also :

PIL Filed against IRDA for not providing Plan approval certificate

ICICI Prudential register FIR against Customer at Mumbai

 
     
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