Bajaj Finserv opens 1.2% lower as subsidiary Bajaj Allianz receives Rs 1,000 crore show cause notice

Bajaj Allianz General Insurance Company (BAGIC), an unlisted material subsidiary of Bajaj Finserv, received a show cause cum demand notice from the Directorate General of GST Intelligence, Pune, alleging a tax demand of Rs 1,010 crore.

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Shares of Bajaj Finserv, on October 4, opened 1.2 percent lower at Rs 1542.05 after subsidiary Bajaj Allianz General Insurance Company (BAGIC) received a show cause cum demand notice of Rs 1,010 crore on October 3.

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According to a regulatory filing, Bajaj Allianz General Insurance Company (BAGIC), an unlisted material subsidiary of Bajaj Finserv,  received a show cause cum demand notice from the Directorate General of GST Intelligence, Pune, alleging a tax demand of Rs 1,010 crore.

This show causes cum demand notice pertains to non-payment of GST on the co-insurance premium and re-insurance commission for the July 2017 to March 2022 period.
Also read | Bajaj Finserv Q1 net profit up 48% on customer franchise growth

In September 2023, Bajaj Finserv subsidiary Bajaj Allianz reported strong numbers for August 2023.  The insurance company’s gross direct premium underwritten for August was at Rs 1,677.87 crore and the premium in the current financial year up to August was Rs 9,228.81 crore. For August, the total premium stood at Rs 926.41 crore and premium for FY2024 ( up to August 2023) was Rs 3,828.06 crore.

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