GIC gets 2 tax demands totalling INR 1.42 bln, to file appeal against both
This story was originally published at 18:10 IST on 31 January 2025
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NEW DELHI - General Insurance Corp of India on Friday informed the exchanges it had received two separate tax demands from the Additional Commissioner of CGST & Central Excise, Mumbai South, totalling INR 1.42 billion, inclusive of interest and penalty. The re-insurer said the order had "no material impact on financials, operations or other activities of the Corporation" and that it intended to file appeals against both the demands.
The first demand for INR 1.39 billion follows a show-cause notice served on Aug. 7 and pertains to July 2017-March 2019 and 2020-21 (Apr-Mar), alleging short-payment of tax under and non-reversal of input tax credit. The second demand for INR 378.58 million comes after a show-cause notice was served on Aug. 2, alleging violations from FY18.
Shares of General Insurance Corp closed 2.7% higher on Friday at INR 411.45 on the National Stock Exchange. End
Reported by Siddharth Upasani
Edited by Vandana Hingorani
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