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Chennai Zonal Unit of the Directorate General of Central Excise Intelligence Conducts Investigation under Summons Against 16 Insurance Companies Engaged in Providing Motor-Vehicle Insurance Policies, for Wrongly Availing Cenvat Credit to the Tune of ₹ 1200-2500 Crore on the Bogus Invoices of the Car Dealers

Dated:- 11-8-2015 - The Chennai Zonal Unit of the Directorate General of Central Excise Intelligence, Ministry of Finance has been conducting investigation under summons against 16 Insurance Companies engaged in providing motor-vehicle insurance poli .....

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ar Insurance Companies (PICs) and instruct their car dealers to sell their insurance policies to PICs only. Such PICs pay commission on the value of the insurance policies to the car companies (in the range of 2-3%) and the car dealers (in the range .....

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apped at 10% of the premium. To circumvent these regulations, the Insurance Companies ask the car dealers to raise invoices to show that the car dealers have provided the Insurance Companies services such as advertisement, renting of computers/ print .....

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