Disguised payouts: Banks, insurers face GST notices

MUMBAI: The goods and service tax ( GST ) authorities are set to issue show-cause notices to 29 insurance companies, a leading private bank, around five non-banking financial companies (NBFCs), and over 100 vendors. These entities were involved in paying for fictitious services to enable the insurers to pay a bank commission that was more than permitted under law. An insurance company, which is pa…