The New India Assurance Company Limited has informed regarding Disclosure of material issue

The New India Assurance Company has received two GST orders. In the first, the Joint Commissioner of CGST, Mumbai South, passed an order for the period April 2018 to March 2023. Out of an original show cause notice demand of around Rs 229.81 crore, the authority dropped Rs 218.79 crore but confirmed a demand of Rs 11.01 crore plus interest and penalty related to non-reversal of proportionate input tax credit (ITC). In the second, the Assistant Commissioner in Delhi confirmed a demand of Rs 6.92 crore including tax, interest and penalty for FY 2021-22 over excess ITC claims, ITC from cancelled dealers, and ineligible ITC. The company says it will appeal both orders before the First Appellate Authority and believes it has a strong case.