Top insurance players on edge as Rs 5,500-crore GST battle looms

Top insurers are preparing for a long-drawn legal battle with GST authorities over a potential tax liability that could exceed Rs5,500 crore, an Economic Times report said on Wednesday. The report stated that the Adjudicating Authority of GST has confirmed a Rs 2,400 crore demand against prominent insurer HDFC Life Insurance. Authorities have alleged that insurers wrongfully claimed tax credits on…