The New India Assurance Company Limited has informed regarding Disclosure of material issue
NIACL · price
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On the reaction day the stock moved 0.8 pts more than Nifty Midcap 150 and 1.6 pts more than its General Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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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.
Short-term impact on financials appears limited as the company asserts no material operational impact, but shareholders should note the combined confirmed demand of around Rs 17.93 crore (plus interest and penalty) remains a contingent liability until the appeals are resolved.