Date: August 8, 2026
Other Operational / Legal / Strategic Disclosures
Nature of Disclosure: Regulatory filing regarding receipt of Show Cause Notices by material subsidiary Axis Max Life Insurance Limited (formerly known as Max Life Insurance Co. Ltd.) from GST Department.
Authority: GST Department
Nature and Details of Action:
- Axis Max Life Insurance has received Show Cause Notices under the provisions of Central Goods and Service Tax Act, 2017 read with the Integrated Goods and Service Tax Act, 2017
- Notices relate to financial years 2020-21 to 2024-25
- Allegations of wrongful availment and utilization of Input Tax Credit
Date of Receipt: August 7, 2026 at approximately 17:00 hrs (IST)
Financial Impact:
- The proposed demand of tax, interest and penalty aggregates to INR ~35.29 crores
- Quantifiable monetary impact: ₹35.29 crores (approximate)
Company's Response:
- The Company believes it has availed eligible Input Tax Credit in compliance with relevant provisions of Central Goods and Service Tax Act, 2017 and other applicable laws
- The Company is reviewing the Show Cause Notices and will file the response within prescribed timelines
Operational Impact:
- There is no impact on the operations or other activities of the Company at this stage
- The Company will keep stakeholders informed about any material developments in this regard
Regulatory Context:
- Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- Axis Max Life Insurance Limited is a material subsidiary of Max Financial Services Limited
- While Regulation 30 is not directly applicable to Axis Max Life, the disclosure is made due to its status as material subsidiary of a listed entity