5 hours ago
The Show Cause Notice refers to tax not paid, short paid, erroneously refunded, or input tax credit wrongly availed or utilised by reason of fraud, willful misstatement, or suppression of facts under Section 74(7). Shares of New India Assurance Company Ltd ended at ₹185.80, down by ₹4.45, or 2.34%, on the BSE.
Public sector general insurer, New India Assurance Company Ltd, on Thursday (June 26), said it has received a Show Cause Notice for an alleged GST demand of ₹2,298.06 crore for the period from April 2018 to March 2023.
"The Show Cause Notice requires the company to show cause to why the alleged GST Demand of ₹22,98,06,74,252/- for the period April 2018 to March 2023 should not be demanded from the company. The company believes that it has a strong case on merit," New India Assurance Company said in a regulatory filing.
The notice, issued today under Sections 74 and 123 of the CGST and MHGST Acts, 2017, was served by the office of the Additional Commissioner, Mumbai-South, Maharashtra. The notice was issued in Form DRC-01 and requires the company to explain why the GST amount should not be recovered.
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The Show Cause Notice refers to tax not paid, short paid, erroneously refunded, or input tax credit wrongly availed or utilised by reason of fraud, willful misstatement, or suppression of facts under Section 74(7). It also cites failure to furnish information returns under Section 150 within the specified period, as required under Section 123.
New India Assurance said it believes it has a strong case on merit. “Based on the advice of our tax consultants, the company is in the process of filing a detailed reply highlighting the contentions of the Company with the Adjudicating Authority within the prescribed timelines,” it stated.
Shares of New India Assurance Company Ltd ended at ₹185.80, down by ₹4.45, or 2.34%, on the BSE.
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