HDFC Life Insurance Company Ltd has received an order from the Commissioner (Appeals), Thane, confirming a GST demand, interest and penalty totalling ₹132.7 crore for the period July 2017 to March 2022. According to a stock exchange filing, the order was received from the Joint Commissioner, CGST & Central Excise, Thane Commissionerate, Maharashtra on June 27, 2024. The company stated that the appellate order has confirmed the total demand as stated in the original GST order issued by the Joint Commissioner.
HDFC Life has assessed that the order will have no adverse material impact on its financial operations. The company has announced its intention to contest the order by filing an appeal before the GST Appellate Tribunal. As reported by CNBC TV18, the order relates to a previous GST directive covering the period from July 1, 2017 to March 31, 2022, with the tax demand of ₹132.7 crore along with applicable interest and an equivalent penalty.
Since the beginning of the year, HDFC Life Insurance Company shares have declined by approximately 23.30%. According to market data, the stock opened the year at ₹750.35 on January 1 and 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.
