Insurance Companies Face Rs 20,000 Crore GST Liability for Rule Violations: DGGI

Insurance companies in India are facing a potential GST liability of ?20,000 crore for allegedly violating GST rules. The Directorate General of GST Intelligence (DGGI) has raised concerns over how insurance firms accounted for input services used in providing insurance policies, leading to underpayment of GST. The liability could have a significant impact on the insurance industry, which may need to reassess its practices to avoid further scrutiny from tax authorities.