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New India Assurance Co. Ltd. ( (IN:NIACL) ) has provided an update.
The New India Assurance Company Limited has disclosed that a major goods and services tax (GST) demand of approximately Rs 2,298 crore raised in a prior show-cause notice has largely been set aside by the adjudicating authority, which dropped about Rs 2,188 crore of the tax demand and confirmed roughly Rs 110 crore along with applicable interest and penalties for the period April 2018 to March 2023. In a separate order for FY 2021–22, the company has received a confirmed GST demand of about Rs 69.17 crore, including tax, interest and penalties, from the Assistant Commissioner in New Delhi; in both matters, based on advice from tax consultants, New India Assurance plans to challenge the orders before the first appellate authorities and maintains that it has strong grounds to contest the liabilities, signaling continued but significantly reduced regulatory tax exposure and an ongoing dispute process that stakeholders will monitor for potential financial impact.
More about New India Assurance Co. Ltd.
The New India Assurance Company Limited is a government-owned general insurance company headquartered in Mumbai, operating under the Ministry of Finance. It provides a broad range of non-life insurance products across segments such as health, motor, property, marine, and specialty lines, with a significant presence in the Indian market and overseas operations, and its shares are listed on major Indian stock exchanges.
Average Trading Volume: 38,952
Technical Sentiment Signal: Sell
Current Market Cap: 253.6B INR
For an in-depth examination of NIACL stock, go to TipRanks’ Overview page.