Rs 30,000 crore tax heist? The modus operandi of insurers, agents and banks

It all began when the Goods & Services Tax (GST) authorities informed the Insurance Regulatory and Development Authority of India (IRDAI) last year about alleged malpractices by more than a dozen insurance companies in the allocation of commission to their agents. The I-T department and the DGGI started probing these companies, the DGGI for allegedly fake input tax credit claims while the I-T department for alleged tax evasion through violation of the IRDA norms on commission payments.

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