The goods and services tax (GST) evasion investigation agency will complete its probe into 30 insurance companies by November.

The Directorate General of GST Intelligence (DGGI) has already completed the investigation into 15 of them, detecting input tax credit discrepancies to the tune of Rs 3,500 crore so far.

It is in the process of sending notices to the remaining 15, people aware of the details told Most of the tax due in the cases where the probe is complete has already been recovered.

“DGGI detected tax evasion by 30 insurance companies, of which it has completed probe in 15 cases and we expect the investigation against the rest 15 to be completed by November,” a senior official told.

The probe was launched by DGGI in 2022 after it found that some insurance companies had wrongfully availed ITC based on invoices issued by several intermediaries for providing services of advertising, marketing, and brand activation even when no such services had been provided.

The DGGI has so far served show cause notices to 30 insurance companies, including HDFC Life, ICICI Prudential Life, SBI Life, and Max Life. The investigation has revealed that the insurance companies had availed ITC of around Rs. 3,500 crore by claiming fake invoices.

The DGGI is now in the process of sending notices to the remaining 15 insurance companies that are under investigation. The probe is expected to be completed by November 2023. The probe is a major development in the fight against tax evasion in India.