New India Assurance Receives ₹2,298 Crore GST Show Cause Notice

New India Assurance Company Ltd., a public sector general insurer, has received a Show Cause Notice from the GST authorities amounting to ₹2,298.06 crore. The notice pertains to the period between April 2018 and March 2023 and was issued on Thursday, June 26.

In a regulatory filing, the insurer stated that the notice served by the Office of the Additional Commissioner, Mumbai-South, Maharashtra. This was issued under Sections 74 and 123 of the Central Goods and Services Tax (CGST) and Maharashtra Goods and Services Tax (MHGST) Acts, 2017. It was delivered in Form DRC-01.

The notice seeks to recover alleged tax dues on grounds of non-payment, short payment, wrongful availing or utilization of input tax credit, or excess refunds—arising from alleged fraud, wilful misstatements, or suppression of facts as per Section 74(7). It also cites non-compliance with provisions related to furnishing information returns under Section 150, read with Section 123.

New India Assurance said it is confident in its position and believes it has a strong case on merit. “Based on expert legal and tax advice, the company is currently preparing a detailed reply to present its arguments before the Adjudicating Authority within the stipulated timeline,” it said.

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