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New India Assurance Receives Rs 2,298 Crore GST Demand Notice

The notice adds to a broader crackdown on alleged input tax credit misuse among top Indian firms.

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Overview

  • The Office of the Additional Commissioner, South Mumbai has issued the show-cause notice covering April 2018 to March 2023.
  • Authorities have invoked Sections 74 and 123 of the Central Goods and Services Tax Act for alleged non-payment, short payment or erroneous refunds of tax and wrongful input tax credits.
  • The insurer said there is no impact on its financial or operational activities and it will file a detailed reply within the prescribed timeline.
  • Shares settled 2.34% lower at Rs 185.8 apiece, underperforming a 1.2% gain in the Sensex after the notice became public.
  • A day earlier Tata Steel received an Rs 890.5 crore notice for irregular input tax credit claims, highlighting intensified GST enforcement.