GIC Re Receives Tax Demand Order from CGST & Central Excise Authority
The order pertains to a demand for tax liability amounting to Rs 3,78,58,853 under Section 74 of the CGST Act, 2017.
Mumbai, January 30, 2025 – General Insurance Corporation of India (GIC Re), a leading reinsurer, has received an order from the Additional Commissioner of CGST & Central Excise, Mumbai South, demanding a tax liability of Rs 3,78,58,853 (Rs 3.78 Crore), including interest and penalty. The Corporation has clarified that the order will have no material impact on its financials, operations, or other activities. Additionally, GIC Re has announced its intention to file an appeal against the demand.
The order pertains to a demand for tax liability amounting to Rs 3,78,58,853 under Section 74 of the CGST Act, 2017. This includes CGST: Rs 1,70,65,029, SGST: Rs 1,70,65,029, IGST: Rs 37,28,796.
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Background of the Demand:
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Original Demand: Rs 60,02,15,547
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Demand Dropped: Rs 56,23,56,694
Remaining Demand: Rs 3,78,58,853 (including interest and penalty)
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