The New India Assurance Company Limited has informed regarding Disclosure of material issue
NIACL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.2 pts less than Nifty Midcap 150 and 0.6 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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New India Assurance has received a tax demand order of approximately Rs. 2,379 crores from the Additional Commissioner of CGST, Palghar Commissionerate, dated September 29, 2025. The order alleges non-payment of GST on premiums received as a follower in co-insurance business and on reinsurance commissions earned. The demand also includes penalty under Section 73(9) of the CGST Act, 2017. The company, however, believes it has a strong case to defend, citing the 53rd GST Council decision (June 2024) and CBIC Circular 244/01/2025-GST which classified such transactions as 'No Supply' and regularised past demands on an 'as is where is' basis for the period July 2017 to October 2024. It plans to file an appropriate response with the relevant authority within prescribed timelines.
Despite the large headline tax demand of ~Rs. 2,379 crores, the company explicitly states there is no financial or operational impact as this is an industry-wide issue already regularised by the GST Council and CBIC. Shareholders are unlikely to see material stock price movement unless the matter escalates further.