HDFC Life receives GST appellate order confirming ₹133 crore tax demand, to appeal at tribunal

Private insurer HDFC Life Insurance Company Ltd on Tuesday (June 30) said it has received an order from the Commissioner (Appeals), Thane, confirming a GST demand along with interest and penalty amounting to ₹132.7 crore.

"This is with reference to our intimation dated June 28, 2024, disclosing the details of the GST Order (period involved - July 1, 2017 to March 31, 2022, Tax demand – Rs 132.7 crore, Interest as applicable and Penalty – Rs 132.7 crore) received from the Joint Commissioner, CGST & Central Excise, Thane Commissionerate, Maharashtra on June 27, 2024 (GST Order)," according to a stock exchange filing.

The order relates to a previous GST directive received on June 27, 2024, covering the period from July 1, 2017 to March 31, 2022, with a tax demand of ₹132.7 crore, along with applicable interest and an equivalent penalty.

ALSO READ | Exclusive: Life insurers see uneven growth as some lag, others outperform in FY26

HDFC Life said the appellate order has confirmed the total demand as stated in the original GST order issued by the Joint Commissioner, CGST & Central Excise, Thane Commissionerate.

The company added that the order will have no adverse material impact on its financial operations. HDFC Life further said it will contest the order by filing an appeal before the GST Appellate Tribunal.

Since the beginning of the year, HDFC Life Insurance Company shares have declined by approximately 23.30%. Opening the year at ₹750.35 on January 1, the price saw early peaks near ₹758 before entering a decline that accelerated through March and April. By late June, the stock was trading significantly lower, closing at ₹575.50 on June 30, 2026.

ALSO READ | HDFC Life board to consider fund raise via preferential issue on April 16