Axis Max Life Receives Show Cause Notices from GST Department over Input Tax Credit Allegations
Axis Max Life Insurance Limited has confirmed the receipt of Show Cause Notices (SCNs) from the GST Department concerning its tax compliance for multiple financial years. The notices relate specifically to allegations regarding the wrongful availment and utilization of Input Tax Credit (ITC).The company received the SCNs on August 7, 2026, covering the period spanning Fiscal Years 2020-21 through FY 2024-25. The core allegation pertains to the improper use of ITC under the Central Goods and Service Tax Act, 2017.
The GST Department proposed a demand of tax, interest, and penalty that aggregates to approximately INR ~35.29 Crs in relation to these matters.
Axis Max Life Insurance Limited stated that it believes it correctly availed eligible Input Tax Credit in compliance with all relevant provisions of the Central Goods and Service Tax Act, 2017 and other applicable laws. The company is currently reviewing the SCNs and plans to file a comprehensive response within the prescribed timelines.
The company confirmed that there is no impact on its current operations or other activities as a result of these notices. Axis Max Life committed to keeping stakeholders informed regarding any material developments in this regard.
Key details related to the tax compliance matter are summarized below:
| Detail | Description |
|---|---|
| Authority | GST Department |
| Date of Receipt | August 7, 2026 |
| Relevant Period | FY 2020-21 to FY 2024-25 |
| Allegation | Wrongful availment and utilization of Input Tax Credit |
| Proposed Demand | INR ~35.29 Crs |
The company emphasized that while the SCNs were received, there is no impact on its current operations.
MFSL Stock Price Movement
Max Financial Services Limited saw its shares tumble on Friday, closing down 1.41% to settle at ₹1497.40. The equity traded a total of 359,409 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.