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The notice was received from the Directorate General of GST Intelligence, Pune Zonal Unit under Section 73(1) of the Central Goods and Services Tax Act, 2017 on 28 September 2023 for a tax demand of Rs 23,79,13,48,877.
The alleged demand and the impugned show cause cum demand notice pertains to matters relating to industry wide issues of non-payment of GST to various Indian and Foreign reinsurance companies during the period July 2017 to March 2022.
In a regulatory filing, the company said, “Based on the advice of our tax consultants, we will be filing appropriate response to the said show cause cum demand notice within the prescribed timelines.”
The New India Assurance Company is the largest non-life insurance company in India headquartered at Mumbai and operates in 28 countries.
On consolidated basis, the insurance company reported 94.4% jump in net profit to Rs 260.23 crore on 14.9% rise in total income to Rs 9,874.93 crore in Q1 FY23 over Q1 FY22.
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