BANKING

Tax authorities estimate that 16 insurance companies in all owe the government about 50 billion rupees ($610 million) in unpaid taxes, interest and penalties since July 2017, when India implemented goods and services tax (GST), two sources said. India's Directorate General of Goods and Services Tax Intelligence (DGGI) is in the process of sending show-cause notices to other insurance companies as well, said two sources, including a government official.

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