General Insurance Corporation of India has informed the Exchange about Action(s) taken or orders passed
GICRE · price
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GIC Re received an appellate order from the Commissioner (Appeals) of CGST & Central Excise, Mumbai demanding a tax liability of Rs. 138.47 crore (including interest and penalty). This follows a significant reduction from the original demand of Rs. 1,112.28 crore — the appellate authority dropped Rs. 973.82 crore of the original demand. The dispute relates to alleged short payment of CGST for FY 2017-18 (Rs. 11.19 crore) and non-reversal of ITC (Rs. 0.82 crore), along with a Rs. 125.10 crore demand for FY 2020-21. The company has stated there is no material impact on its financials, operations, or other activities. GIC Re plans to file a further appeal at the GST Tribunal after consulting its GST advisors.
For retail investors, this is largely a positive outcome — nearly 88% of the original tax demand was set aside at the appellate stage, and the company has confirmed no material financial impact. The remaining Rs. 138.47 crore liability is modest for a company of GIC Re's size, though the ongoing appeal means final resolution is still pending.