Public sector General Insurance Company New India Assurance Company Limited has received a huge GST demand notice of Rs 2298 crore from tax officials. The company gave this information on Thursday night. The government insurance company said in the information given to the stock market that it has received this show cause notice of the Goods and Services Tax (GST) demand from the Additional Commissioner Office of Mumbai-South and Maharashtra State. The notice has demanded such a huge amount of GST for 5 financial years from April, 2018 to March 2023.
Preparations begin to file a detailed reply to notice
After receiving a GST demand notice of Rs 2298 crore, New India Assurance said that they have started preparing to file a detailed reply to this notice within the stipulated time on the basis of the opinion of their tax advisors. The government insurance company expressed confidence that its side is quite strong on the basis of virtue. Let us tell you that New India Assurance Sells a variety of insurance products such as motor insurance, health insurance, travel insurance, credit insurance, personal accident etc.
Company shares closed with great decline on Thursday
On Thursday, the shares of New India Assurance closed at Rs 185.80 with a major fall of Rs 4.45 (2.34%) on BSE. On Wednesday, the company’s shares closed at a price of Rs 190.25 opened at the price of Rs 192.10 with a good increase on Thursday. However, it started declining after the business started. During the trading yesterday, the company’s shares reached Intrade Low of Rs 185.00 to Intrade High of Rs 192.15.
Stocks are trading below 52 weeks high
In the BSE 500 index, shares of List New India Assurance are currently trading below their 52 weeks below. The 52 week high of the insurance company’s shares is Rs 309.90, while its 52 week is Rs 135.05. According to BSE data, the current market cap of this government general insurance company is Rs 30,619.84 crore.
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