ICICI Pru Life & Birla Sunlife Huge ServiceTax Evasion Companies.......- RTI
In an RTI reply after Central Information Commissioner order service tax department searched service tax record of ICICI Prudential Life and Birla Sunlife Insurance. Insurance companies deduct service tax from agents commission , premium from policy and also from other sources. An agent filed RTI that whether service tax deducted is deposited or not ?
Both the companies are registered at Service tax division 3 of Mumbai circle as their HO is in zone III. Service tax department searched their record but they didn’t found their file. Later they written many letters to both the companies but they didn’t replied them. They also ignored their phone calls. In the end service tax department raised their hand and informed the applicant in affidavit with Rs100stamp paper that office has no record. It means both the companies are doing millions of rupees of tax evasion . HDFC life , LIC shared the data of service tax, but ICICI Pru Life and Birla Sunlife denied to share.
Another biggest scam is that Private life insurance agents and mutual fund agents are not liable to pay service tax (ST) from their commission , it has to be bear by companies but companies are cheating millions of agents since 2005 and raised millions of service tax from agents commissions. Soon we will share all the details in this portal. This will help agents to reimburse the ST from Life insurance companies with 12% interest compounded.