Canara HSBC Life Insurance Company Limited has disclosed the receipt of an order under Section 73 of the UPGST and CGST Act, 2017, issued by the Office of the Joint Commissioner, Corporate Circle Insurance Sector HO, Head Office, Uttar Pradesh, on December 15, 2025. The demand order pertains to the Financial Year 2021-22 and was issued following a Show Cause Notice dated September 27, 2025. The authority has raised a demand of ₹1,85,71,533 in tax, ₹1,41,52,714 in interest, and ₹18,76,678 in penalty, totaling ₹3,46,00,925. The allegations include claiming Input Tax Credit (ITC) from GSTR-3B for cancelled dealers, unsubstantiated zero-rated supplies, and GST not being charged on income reported in Table 5 (O) of GSTR-9C on account of ULIP charges. The company, however, believes the demand is not maintainable and intends to file an appeal before the Competent Authority/Appellate Tribunal. Canara HSBC Life Insurance does not foresee any significant impact on its financials, operations, or other activities due to this demand.