General Insurance Corporation of India Faces Rs 350.47 Crore Tax Demand
General Insurance Corporation (GIC), India’s sole domestic reinsurance company, recently issued a disclosure to the stock exchange regarding receipt of a demand order.
Background of the Case
The company stated that it has received an assessment order and a demand order from the Income Tax Department amounting to Rs 3,50,47,88,210.
The Tax Department made additions on the following grounds:
- TP additions of Rs 88.84 crore
- Disallowance of 14A expenses of Rs 2.70 crore
- Payment made to unregistered GST entities of Rs 565.01 crore
- Amortisation of the premium of the investment of Rs 52.82 crore and
- Provision for doubtful debts of Rs 329.48 crore.
Key Details of the case
| Particular | Detail |
| Issuing Authority | Income Tax Department, Mumbai |
| Demand of | Rs 3,50,47,88,210 |
| Orders |
|
| Date of receipt of order | April 10, 2026 |
| Financial Impact on Company | NIL |
Company’s Further Step
The company further mentioned that it will approach the National Faceless Appeal Centre (NFAC) within 30 days, following consultation with its direct tax consultants.
Company’s Disclosure
The company made the above disclosure under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (“Listing Regulations”).
