Mumbai, January 31, 2025 – General Insurance Corporation of India (GIC Re) (BSE: 540755, NSE: GICRE) has disclosed a tax demand order amounting to ₹3,78,58,853 issued by the Additional Commissioner, CGST & Central Excise, Mumbai South. The order pertains to an alleged contravention of Rule 42 reversal under the CGST Act, 2017, for the financial year 2017-18.
Key Details of the Tax Demand Order
| Particular | Details |
|---|---|
| Authority | Additional Commissioner CGST & Central Excise, Mumbai South |
| Nature of Order | Demand for tax liability of ₹3.78 crore (including interest & penalty) |
| Breakdown | CGST: ₹1,70,65,029/- SGST: ₹1,70,65,029/- IGST: ₹37,28,796/- |
| Original Demand | ₹60,02,15,547/- |
| Amount Dropped | ₹56,23,56,694/- |
| Date of Order Receipt | January 30, 2025 |
| Alleged Violation | Rule 42 reversal under CGST Act 2017 for FY 2017-18 |
| Impact on Financials | No material impact on financials, operations, or other activities |
| Future Course | GIC Re intends to file an appeal against the demand. |
Minimal Financial Impact
Despite the order, GIC Re has assured stakeholders that the tax demand will not materially impact its financials or operational activities. The company has indicated its intention to challenge the order through an appeal process.This disclosure aligns with SEBI’s Regulation 30 requirements, ensuring transparency for investors and regulators.