The companies have already submitted Rs 217 crore to the DGCI zonal office in Mumbai, people with knowledge of the matter told CNBC-TV18.
Fifteen insurance companies and several intermediaries, non-banking financial companies (NBFCs) and banks have been investigated by the Directorate General of GST Intelligence (DGCI) for using and misusing ineligible input tax credits (ITCs) from worth Rs 824 crore.
The firms have already submitted Rs 217 crore to the DGCI’s Mumbai zonal office, people briefed have said CNBC-TV18.
The first investigations were opened based on specific information against ICICI Prudential Insurance regarding the ineligible credit available, the sources said.
The investigation revealed that other insurance companies, intermediaries and NBFCs operated similar avenues to benefit from ineligible ITCs, the sources added.
Further investigations are in progress.
(This is a developing story. Check back regularly for updates)